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.
Spousal maintenance, or alimony, as it’s more commonly known, is not a “given” in any divorce case.
Wisconsin has a marital property law which is based on a view of marriage as an equal partnership.
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.