Determining who gets the home in a divorce case

Couples in Wisconsin who have made the decision to divorce may find that a variety of other choices now must be made. Those ending their marriage must figure out asset division of everything from household furnishings to the family home itself. As a community property state, Wisconsin courts attempt to divide property acquired during the marriage as equally as possible in most divorce cases, leaving both parties with a comparable share of assets and liabilities.

Lawyers acknowledge that the couple’s home may be one of the more difficult assets to divide, simply due to the high value of a home. Dividing a home equally typically means that the home will need to be sold, with each spouse getting half of the equity. If the home is being lived in during the divorce, the expenses that occur, including monthly bills and maintenance or repairs performed, will usually be split equally as well.

If one individual wishes to keep the house, courts will determine if it is a viable choice by evaluating the budget of the spouse to ensure that they can afford the home and by making sure that the other spouse receives an equal amount of marital assets. Getting an appraisal of the home may be an ideal choice so that both parties agree about the value of the home.

Divorcing couples may be able to agree on property division during a divorce. If couples do not, their attorneys may be able to negotiate an arrangement regarding marital property in order to avoid a trial. Prenuptial agreements are also taken into account when dividing property in Wisconsin.

Source: The Huffington Post, “What to Do With Your House in a Divorce Case “, Christian Denmon, Denmon & Denmon Trial Attorneys, December 09, 2013