What does it mean to live in a community property state?

On Behalf of | Jul 11, 2021 | Divorce |

Going through a divorce is a difficult experience, especially if you have to divide considerable assets. In Wisconsin, the property is divided based on community property. This means that everything that you acquired during the marriage is divided equally. 

While many people may think that this will make things easier during the property division process, it can actually make the division much more complex. Determining how to handle the situation is important because you have to ensure that you get what’s due to you. 

Is it always possible to divide things equally?

Some couples going through a divorce choose to work together to come up with a plan for splitting everything up. This method is preferred sometimes because it allows each person to have a say in what they will get. It’s important to remember that an equal split doesn’t actually have to mean that property is all divided in half — and some assets may not be easy to divide.

For example, maybe you and your spouse have a home together. In order to divide the equity in that home equally, you may have to have the house appraised and sold. Alternatively, maybe your spouse wants to keep the home, in which case they need to buy out your share of the equity. To do so, they may offer to “trade” their share of some other asset, like a bank account, stock options or something of similar value.

Anyone who’s going through a divorce should ensure they understand their rights regarding property division. It’s imperative that you focus on your situation so that you know how different things will impact you now and in the future.