What is considered marital property in Wisconsin?
What is considered marital property in Wisconsin?
Marital property includes all income and possessions a couple acquires after their "determination date" (with certain exceptions). The determination date is the latest of: the couple's marriage day; the date when they both took up residence in Wisconsin; or Jan. 1, 1986.
Is Wisconsin an equitable distribution state?
Is Wisconsin a Community Property State? Yes, Wisconsin is one of just a few community property states. Most states divide property in a divorce under the theory of “equitable distribution,” where the courts distribute property based on what a judge thinks is fair under the circumstances of each case.
When did Wisconsin become a community property state?
January 1, 1986Wisconsin adopted a marital property system, which went into effect on January 1, 1986. Wisconsin and Alaska are the only two states to either adopt or pattern their laws after the Uniform Marital Property Act (herein the “UMPA”).
How is property divided in a divorce in Wisconsin?
Wisconsin is considered a community property state. This means that all marital property will be divided 50/50 in the event of divorce, legal separation, or annulment. Separate property that was a given as a gift to each spouse or property inherited by each person is excluded from the 50/50 division.
