Divorce is a life-altering event, and one of its most significant challenges is the division of assets. In Wisconsin, the process of dividing property is governed by the principle of equitable distribution, which aims to ensure a fair, though not necessarily equal, division of marital assets. For those navigating a divorce in Milwaukee, understanding how equitable distribution works—and working with an experienced lawyer—can make all the difference in securing a just outcome.
What is Equitable Distribution?
Unlike some states that mandate a 50/50 split of marital property, Wisconsin follows the equitable distribution model. This means that the court divides assets and liabilities in a manner it deems fair, based on the unique circumstances of the marriage. Marital property, which includes most assets acquired during the marriage, is subject to division, while separate property—such as inheritances, gifts, or assets owned before the marriage—typically remains with the original owner.
Factors Influencing Asset Division
Wisconsin courts consider several factors when determining how to divide marital property equitably. These include:
- Length of the Marriage: Longer marriages often result in a more balanced division of assets.
- Contributions of Each Spouse: This includes financial contributions as well as non-financial contributions, such as homemaking or childcare.
- Earning Capacity and Future Needs: The court may award a larger share to a spouse with lower earning potential or greater financial need.
- Age and Health: A spouse’s age or health concerns may influence the division of assets.
- Custodial Arrangements: If one spouse has primary custody of the children, the court may allocate more resources to support the family home.
These factors ensure that the division of assets reflects the realities of the marriage and the needs of both parties moving forward.
Complexities in Equitable Distribution
Dividing assets can become particularly complicated when dealing with high-value or complex property, such as businesses, retirement accounts, or real estate. For example, if one spouse owns a business that grew during the marriage, the other spouse may be entitled to a portion of its value. Similarly, retirement accounts often require a Qualified Domestic Relations Order (QDRO) to divide funds without incurring penalties. A skilled family lawyer in Milwaukee can help navigate these complexities, ensuring that all assets are properly valued and divided.
The Role of a Milwaukee Lawyer
An experienced Milwaukee lawyer is essential in achieving a fair outcome during a divorce. They can help you understand your rights, negotiate favorable terms, and advocate for your interests in court if necessary. Additionally, a lawyer can assist in identifying and protecting separate property, ensuring it is not mistakenly included in the marital estate.
Planning for a Fair Future
Divorce is not just about ending a marriage; it’s about building a stable foundation for the future. By working with a knowledgeable Milwaukee lawyer, you can ensure that the division of assets is handled fairly and equitably. Whether through negotiation, mediation, or litigation, a lawyer can help you achieve a resolution that aligns with your best interests.
In Wisconsin, equitable distribution is designed to promote fairness, but the process can be complex. With the guidance of a trusted divorce lawyer in Milwaukee, you can navigate the challenges of asset division and move forward with confidence.