is a community property state. This means that both spouses share ownership of any property and debt acquired during their marriage equally. If they get divorced, they each get to keep half of all of these assets. They are also each responsible for half of all debts incurred during their marriage.

Even if a divorce is amicable and uncontested, dividing up property can be very complicated. Accountants, actuaries, lawyers, and judges will often become involved before the process is complete.

Going through a divorce is usually emotional and confusing. It is important to understand the rules. What does community property really mean? What exceptions might there be? In this article, the

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What is a community property state?

In a community property state, the law assumes that all property acquired during a marriage belongs to both spouses equally. It doesn’t matter who makes more money, who purchased what, or even how long the marriage lasts.

All income, assets, property, and debt acquired during the marriage are automatically considered marital property.

Most states are common law property states, meaning each spouse’s property remains separate unless both their names are on it. There are only nine community property states, and they are:

Arizona

California

Idaho

Louisiana

Nevada

New Mexico

Texas

Washington

Wisconsin

Individual property vs. marital property

In Wisconsin, nearly all property acquired during a marriage is considered marital property, meaning it belongs to both spouses equally. There are, however, a few important exceptions.

The following items are considered individual property and are the property of a single spouse only.

Property that was acquired by one of the spouses before the marriage

Property that was acquired after the spouses were legally separated

Property that was inherited by one of the spouses

Property that was given as a gift to one specific spouse

If individual property is mixed or “commingled” with marital property, it becomes marital property. If you are given money in an inheritance, for instance, and you deposit it in a bank account that is jointly owned with your spouse, that money will become marital property.

What is considered community property in Wisconsin?

Community property law applies to all income, retirement plans, savings, real estate, assets, property, and debt acquired while the couple resides full-time in a community law state. So even if you move away from Wisconsin, all property acquired before the move will retain its community property status.

Moving away from Wisconsin won’t get you out of splitting your assets 50/50.

The good news is that if you have a full-time residence in a common-law state and acquire property located in Wisconsin (i.e. a vacation home), that property will not be subject to community property law.

What if there’s a prenup?

A prenuptial is a formal contract made before marriage. If you have one, it probably specifies how assets will be divided in the event of a divorce. A prenuptial agreement will override community property law in Wisconsin.

MORE:

Car insurance in Wisconsin

How is community property divided in Wisconsin?

Dividing all your property into two halves is easier said than done. It can be difficult to determine the exact value of certain items such as a retirement plan, and an accountant and/or actuary will probably be needed.

Many couples prefer to reach a settlement on how to divide their property. If they find terms that they can both agree on, the divorce can be settled out of court.

If the couple is unwilling or unable to reach a settlement, a judge will have to divide the property. The goal is to divide the property into equal halves, but the law allows the judge to make adjustments based on the circumstances.

How to save on home and auto insurance in Wisconsin

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Is a wedding ring community property in Wisconsin?

It might be. If your spouse gave you the ring as a gift, or if you bought it before you were legally married, then no. If you were already married and you bought the ring yourself, then yes.

Does adultery affect community property in Wisconsin?

No. Again, what matters is when the property was acquired. The reasons for your divorce do not affect community property laws.

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