Property division in an Appleton, Wisconsin divorce depends on various rules. Community property in the state is split equally between the two spouses. Family courts in the state look at the property division factors such as the length of the marriage, the spouses’ age and health, the property every spouse brought into the marriage, the contributions of every spouse to the marriage, non-marital property, and the earning capacity of every spouse. Because some assets are more straightforward to value than others, it is important to bring divorce attorneys in Appleton, WI on board.
Common Challenges of Asset Valuation
Valuing a family business is hard. Following the divorce, one spouse may not want to co-own the business. The spouse who continues to own and run the business must buy out the shares or the other. A family business co-owned by both spouses is a part of their community property.
In addition, personal property can have different valuations. Valuing assets can be done by the books or by the replacement value. Sometimes, a party may need to attach a higher value to a certain piece of community property due to its sentimental value. A divorce process can become complicated when a marital asset lacks a readily available market valuation. Usually, this can take place in high-asset divorces.
Factors to Consider When Valuing Community Property
When a couple cannot directly compromise on the value and assignment of community property, their respective attorneys must try to work out a deal that each party can agree on. However, a judge may need to make a decision for the couple. But before this occurs, here are factors to remember:
- The possible future value of the property. It is important to note that the court will consider the possible future value of a property when making decisions. For instance, $500 worth of artwork today could be worth $5, 000 in the future. The testimony of an appraiser to this effect could carry weight during divorce negotiations.
- It’s not always about money. While a family court judge may not recognize the sentimental value of disputed marital property, you can and must. Recognizing what’s important will help minimize your stress levels and make the divorce process less painful.
- Marital debt is part of the division. As with community property, debt incurred during a couple’s marriage must be shared by them. Equal debt assignment applies even if one spouse incurred it under their name.
