What Does Community Property Mean?

Community property means that both parties have a claim for acquiring the property. Under Wisconsin laws, all marital property falls into this category. However, this doesn’t entitle each party to certain property and assets that were owned prior to the marriage. This could include items that were inherited or purchased before the marriage began.

What Factors Help Determine How Property is divided?
The primary focus of property division is to ensure that both parties receive their fair share. The earning capacity of each party is evaluated to determine if either spouse has the ability to earn more than the other. If the parties cannot produce the same lifestyle as they had before the marriage, the court may assign ownership of properties to balance out this difference.

Assessing the Earning Capacity of Each Party
The earning capacity of each party could also affect whether or not alimony is awarded. For some couples, dividing the property unevenly could produce the same earning structure achievable with spousal support. In some instances, select marital properties are sold to provide proceeds for educational programs to increase the party’s earning capacity.

Reviewing Prenuptial Agreements
A divorce lawyer reviews all prenuptial agreements, which impose certain clauses pertaining to the reason for the divorce. For example, if a spouse is unfaithful, the agreement could reduce their settlement related to property division. It could also define why either party cannot receive spousal support. The court must honor these agreements as they are legal and binding.

Wisconsin divorce laws outline how marital property is divided. These requirements are based on a community property guideline. Each party will receive their fair share as outlined in these laws. This prevents either party from capitalizing on the divorce and acquiring property that isn’t theirs rightfully. Petitioners who need to review property division should contact a divorce lawyer in Milwaukee, WI, now.