Marital Property – what exactly does it mean? If you’re getting divorced, it’s a term you’ll probably here frequently. Here’s a brief primer on Wiscons’s Marital Property Law and how it impacts your divorce.

What is marital property according to Wisconsin law?

The Marital Property Act in Wisconsin regulates how property is managed legally in a marriage. Since 1986, Wisconsin has been a “community property state, which means that property received after marriage is considered jointly owned, with several exceptions.

What isn’t considered marital property?

Any property owned by an individual prior to their marriage is usually considered individual property, with some exceptions. Inheritances and other gifts to individuals are also not usually marital property. However, it’s important to note that individual property co-mingled (like deposited in a joint bank account) becomes marital property in the eyes of the court.

What are the benefits of marital property?

The law recognizes that both individuals in a marriage contribute equally. This provides several tangible benefits to spouses. For example, a nonemployed spouse has easier access to credit, and each spouse can make individual decisions about bequeathing assets

How does marital property law affect my divorce?

If you’re getting divorced, you’ll need to either come to an agreement on separating property or a Court will do so for you. However, the Court can only make rulings regarding marital property. Individual property is usually off-limits. 

Marital property law in Wisconsin has many exceptions.

There are numerous exemptions and key contextual factors in marital property law. Before you make any decisions, take the time to talk with an attorney to get professional legal advice.