If you and your spouse or partner decide to go separate ways, there are a lot of important decisions to be made about your future and your children’s future.
If you are getting a divorce in Wisconsin, the court will apply Wisconsin law in determining how to divide your assets.
If your business depends on its suppliers to provide products and has entered into written agreements to govern those business-to-business relationships, it is natural to expect that the quality of those products will meet your organization’s needs.
One of the most frequently asked questions divorce attorneys hear is “How will our assets and debts be divided in the divorce?”
When your business enters into an agreement with a vendor to provide products or services, you make business decisions based on the agreed-upon price for those products or services.
When a marriage ends, one of the biggest questions is how the couple’s assets and liabilities will be divided. As a marital property state, decisions about dividing property in Wisconsin generally start with the presumption that each spouse is entitled to one-half of the couple’s assets and one-half of its liabilities, regardless of whether those assets and debts are in one spouse’s name alone.
Wisconsin is a marital property state. This means that when a couple divorces in Wisconsin, there is a presumption that the couple’s assets and liabilities will be divided equally, with each spouse taking one-half of the property and one-half of the debt.
If your divorce involves retirement accounts such as a 401(k), 403(b) or pension plan, you may need a document called a qualified domestic relations order (QDRO) to divide those accounts. Retirement accounts often represent a significant part of a divorcing couple’s assets, so it’s important to understand what is involved in order to receive your share of those accounts after they have been divided by agreement or by the court.
In an ideal scenario, everyone would get along and there would be full transparency and cooperation by parties during a divorce. In reality, for most the situation is less than ideal. There may be underlying circumstances that led to the divorce making it difficult to trust your spouse. Unfortunately, that lack of trust tends to continue during the divorce proceedings, and can influence one’s decision-making and willingness to cooperate.
Mistakes and missteps can occur in any divorce proceeding. However, people with significant assets, business interests and real estate holdings can find it especially challenging to navigate the tax and future financial implications of ending a marriage.
Schott, Bublitz & Engel s.c. has been meeting the legal needs of clients in Wisconsin for over 26 years. As the firm’s reputation has grown, so has the extent of our legal expertise.