Category Archives: Category 1

PROPERTY & DEBT DIVISION

practice8There is no fixed way to determine how you or the Court should decide how to divide your property, although our law says the division should be “equitable,” and equitable almost always means equal. Other factors include whether or not property belongs to the marital community or is the sole and spate property of one of the parties. If you and your spouse agree on a division of property, the Court will usually approve your written agreement. If you cannot agree, the Court will equitable divide your property and debts.

In Wisconsin, Property acquired during marriage from the parties’ incomes is called community property. Community property includes financial accounts, retirement and pension accounts, houses, land, business interests, loans owed to you, furniture and other tangible items, and any other items of value. As a general rule, community property is divided equally between the parties, although there are some exceptions. For example, if one of the parties wasted community property (by gambling, drugs, etc.), or hid community property, the Court may award the other party more property.