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Oconomowoc Divorce attorney divorce

When you get married, you expect to be with that person for the rest of your life and live happily ever after. Unfortunately, that kind of fairytale love does not come around very often. In many cases, couples end up succumbing to divorce and end up having to split all of their assets that they acquired during the marriage. Wisconsin follows a rule of equal division, which means that a couple’s marital property is divided in half in most cases.  which simply means that the judge will make a decision based on the facts surrounding the case. Some of the most contested issues are those dealing with finances. If you are close to retirement age, you may be concerned with how your retirement plans will be affected. Thankfully, dividing retirement accounts in Wisconsin can be completed with little to no damages. 

Determining if Retirement Accounts Are Marital or Nonmarital Property

In Wisconsin, the first thing you should do before dividing your assets is to determine which assets are subject to division. Any property that either spouse brings into the marriage, along with a few exceptions for property acquired during the marriage, is not subject to division and will remain that spouse’s property. Exclusions from the marital property include any property that was acquired as a gift, property that was acquired because of death or inheritance, or any funds that come about as a result of such property.

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Waukesha County divorce attorney asset division

For the most part, the divorce process itself is not difficult; if a couple has only been married for a couple of years, does not have children, and does not have many assets, the process could be completed in a matter of weeks. However, most divorcing couples have been married for at least a couple of years, meaning they are more likely to have gathered and intermingled more assets, which can make the divorce process longer and much more tedious. The more assets you and your spouse have to deal with, the more complex your divorce case will become. High asset divorces bring their own set of issues and difficulties to the process. Below are a few of the most common mistakes that couples make during a high asset divorce in Wisconsin. 

  1. Not Investigating for Possible Hidden Assets

One of the requirements at the beginning of the divorce process is that both you and your spouse fully disclose all of your financial assets. However, not everyone is truthful when it comes to disclosing their assets. It is illegal for your spouse to intentionally hide assets from you, as Wisconsin law states marital assets should be divided on a 50/50 basis.

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