This is a question most people often ask while going through a divorce. With the rate of divorce rising almost every day, it is essential to understand how your marital property will be distributed. The problem is some people wait until it’s too late before they can take action.
The best thing to do is to arm yourself with necessary information as well as a good lawyer who will be able to guide you on matters of marital law and divorce.
Wisconsin Divorce Law
According to the law, a “marital home” is the current house you share with your wife – it can be a house you have lived in since you got married or the one you bought after your wedding.
The question as to who gets to keep the house is determined by where you live in at the time of divorce and whether the house is a joint property or not.
Property ownership and asset distribution during a divorce are often controlled by state laws. There are two kinds of laws that your state will use to divide property in case of a divorce. The first one is a community property state where your divorce assets are split halfway.
The second law is known as an equitable distribution state – where a judge decides fairly divides your property (which might not necessarily be even or equal).
Besides that, it is important to note that the date of purchase of your house is a critical piece of information during your divorce case. Besides that, the property is often considered separate if it is an inheritance, a gift, or was acquired before the marriage.
Can I get a house even though it’s not my separate property?
A state judge can award a house or marital home to one partner on the assumption that the house qualifies as “marital” or “community” property and not a separate property for one spouse.
Dividing Equity in the Marital Home
A home is often the anchor of the family. If the court determines that the house is a separate property for one spouse, the answer is simple – the one who owns it takes it.
Distributive shares
A judge can also award both partners a share in the marital home.
Deferred Distribution
Another way a court can decide on your divorce asset distribution is through deciding on a future date. For example, a judge may allow you to live in a marital home until your youngest child turns 18.
The Law Offices of Jason D. Baltz has more than 15 years of legal experience. We offer free initial consultations and operate 24/7. Call us today (414) 375-0797 to get personalized care for all your legal problems.