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Milwaukee, WI divorce business valuation attorneyIf you are a business owner going through a divorce, it is critical that you understand the laws surrounding community property and asset division and how they relate to your company. For many people, a business is considered community property, which means that both spouses own the business under Wisconsin law. This is true even if only one spouse is involved in the business.

If a business will be classified as community property, it must be properly valued so that business assets can be divided during divorce. It is possible that the spouse who is more involved with the business will retain ownership, and the other spouse will receive different marital assets of an equal value.

The Business Valuation Process

The most common way for a business valuation to occur is to hire a forensic accountant to review business records and other material. Information that will be reviewed  includes:

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Milwaukee family law lawyer, property division, same-sex couples,  cohabitation agreement, domestic partnersWhile same-sex marriage is legal in the United States, many LGBT couples often choose to remain unmarried. In these cases, same-sex partners should be aware that they may not have the same rights as married couples.

In order to avoid disagreements and legal battles, same-sex couples may want to consider signing a cohabitation agreement that can address issues such as property division which may arise should their relationship end.

Rights of Unmarried Couples in Wisconsin

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Milwaukee property division attorneys, property division, division of marital assets, debt division, community propertyDividing marital property and debts is one of the key tasks in a divorce. Property division can be complex and contentious if many types of assets and debts are involved and the parties do not agree on how to split community property.

Determining Community Property

Wisconsin is a community property state. This means that any assets or debts acquired during the the course of the marriage (or acquired after the married couple moves to Wisconsin) belong to both spouses. Assets can include income earned by either party, investment and retirement accounts, and any property purchased regardless of whose name is on the title.

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property-divisionEight Things to Keep in Mind About Property Division

By: Steve Lant & Attorney Richard Reilly

The one common element among all actions for divorce is property division. While custody and placement can involve significant emotional issues, property division issues are all financial. This is not to say that dividing the "stuff" will not evoke some very emotional responses. "You will only get my great great grandfather's pocket watch by prying it from my cold dead hands" is not an uncommon sentiment when dividing up the household property.

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