When married couples decide to divorce in Wisconsin, a variety of legal requirements must be met to finalize the dissolution of marriage. While many of the outstanding issues that must be resolved can be settled in court through litigation, spouses are more often able to reach an agreement through negotiation or mediation.
As spouses work to negotiate a settlement in their divorce, they must be sure they understand and address the following issues:
1. Division of assets and debts - Wisconsin is a community property state, which means that the property a couple owns and the debts they are responsible for will be divided equally between the spouses during divorce. However, this division can become complicated, especially when considering factors such as the value of different types of property (including real estate, investment and retirement accounts, and closely held businesses), the tax consequences of property division, the spouses’ earning ability, and the value of assets that are not considered communal property. Spouses should take steps to fully understand the implications of the decisions made regarding the division of property, thus making sure that they will have the financial resources needed following divorce.
...