How does property division in divorce work in Wisconsin?

When dividing your property and debt, the court begins with a presumption to equally divide all assets, debts and liabilities. Property includes but is not limited to real estate, vehicles, retirement accounts and pensions, personal belongings, debt, bank accounts, recreational toys, animals, etc.

Marital Property Exceptions

Property is not subject to division upon divorce if it was acquired:

1. as a gift from a person other than your spouse
2. through your family's inheritance

Ultimately, the court may need to decide if the property is to be excluded from division in the marital estate based on the facts and circumstances as to when the asset was gifted or inherited and whether or not it has been mixed, or commingled, with the marital property during the marriage. Excluded property is deemed "individual property."

Factors that Influence Property Division

Wisconsin statute Section 767.61(3) provides factors for the court to consider when asked to divide the property other than equal. The factors to consider are as follows:

• The length of the marriage.
• The property brought to the marriage by each party.
• Whether one of the parties has substantial assets not subject to division by the court.
• The contribution of each party to the marriage, giving appropriate economic value to each party's contribution to homemaking and child care services.
• The age and physical and emotional health of the parties.
• The contribution by one party to the education, training or increased earning power of the other.
• The earning capacity of each party.
• The desirability of awarding the family home or the right to live therein for a reasonable period to the party having physical placement for the greater period of time.
• The amount and duration of maintenance payments to either party and whether the property division is in lieu of such payments.
• Other economic circumstances of each party.
• The tax consequences to each party.
• Any written agreement made by the parties before or during the marriage concerning any arrangement for property distribution.
• Such other factors as the court may in each individual case determine to be relevant.

Property and debt division is final with the Judgment of Divorce. If you come to an agreement with your spouse, but decide a year later that it seems unfair to you, you will not be able to go back to court and ask the Judge to re-evaluate the division of property or debt, outside of limited exceptions where you can prove fraud or mistake of law. Before you sign any agreement, you should ensure you have all the necessary information to make an informed decision as to the division of your assets and debts.

Do I need to disclose all my assets to my spouse?

Under Wisconsin law, each party must complete a financial disclosure statement when going through a divorce that requires them to identify their income, expenses, assets and debts to the court and to each other. The statement is submitted to the court as a trued and accurate disclosure. Hiding assets or failing to disclose all your assets is considered fraud in Wisconsin and if proven, you could be subject to perjury charges.

What should I do if my spouse is hiding assets?

If you believe your spouse is hiding assets, our attorneys could help you investigate public records to find evidence. Keep track of your bank account records, credit card statements, and previous tax statements. Furthermore, you can demand documents and information from your spouse with a formal request.

Finally, if you have a significant estate, you may want to consider hiring a forensic accountant. A forensic accountant could analyze financial records to determine if any hidden assets may exist. Divergent Family Law attorneys have experience with High Net Worth Estates.

Contact the divorce attorneys at Divergent Family Law today for a free initial phone consultation.