In Wisconsin, individual ownership only covers gifts given specifically to one of the spouses (by someone other than the other spouse) as well as estates. Conversely, marital property includes property that was either brought into the marriage by the spouse or acquired during the marriage. It includes income as well as personal or real estate such as pension funds, stocks, jewelry, homes, businesses, equipment and many other types of assets. In rare cases, the Court may use a margin of appreciation not to accept the terms of the agreement if it finds that the clauses unfairly distribute the marital succession or when the conditions make a spouse in need of public income assistance. In this case, the Court requires the parties to amend the agreement. Generally speaking, the courts allow any transaction if both parties are fully aware of the terms. Under Wisconsin law, marital property is generally divided between each spouse 50/50. This is based on an initial assumption that the spouses contributed equally to the marriage. However, a spouse may require the court to deviate from this approach by taking into account factors such as: Often, one of the most contentious topics in the event of divorce is the division of property between spouses, especially after years of building a life together. Whether it`s the family home, cars, savings accounts, or a joint operation, asset distribution can quickly move from a friendly conversation to a global struggle for control. At Reddin & Singer, LLP, divorce lawyer Terese J. The negative emotions associated with many divorces are responsible for more than hurt feelings; They can influence the legal process and its outcome, and if children are involved, they can be affected by the same negative emotions as adults. Normally, it is in everyone`s best interest to approach divorce from a conflicting perspective; Low-conflict divorce saves time, money and most importantly reduces the anger, fear, and resentment that usually occurs in traditional divorce processes….
