Why Is It Important to Carefully Consider Your Property Division Agreement?
Property division is one of the more complex parts of a divorce. It can be tough to separate a lifetime of assets between you and your spouse. Disagreements are not uncommon.
When approaching this part of your divorce, it is a good idea to try to come to an agreement outside of court. There are a couple of good reasons for this.
The State Bar of Wisconsin explains if the court must decide property division in your case, it must follow state law. Wisconsin law follows the guideline of equitable division, which means a fair division. Note that it does not mean equal.
The court can use a variety of factors to help it make determinations on which property you and your spouse get. It does not have to listen to what you want or think should happen. You really only have input when you and your spouse work on the agreement together.
You also should be aware that once you have a property division agreement and the court finalizes your divorce, there is little chance of modifying the division of assets. It is incredibly rare for the court to make property division changes after the divorce is final.
This makes it even more essential for you to try to reach an agreement with your spouse about this matter. By working together to make the decisions, you can ensure you both leave satisfied with the decisions and also be sure you include all assets in the agreement.
Careful handling of the property division aspect of your divorce can help ensure you are happy with the final decisions.