QUESTION

Am i going to lose half my business if i get a divorce in Wisconsin?

Asked on Jan 20th, 2017 on Divorce - Wisconsin
More details to this question:
Married for 3 yrs in Wi. Self employed in mn. w/aprox 100k in business chk accnt. Her income 55k yr. I pay myself 65k. She has-350k in ret accnt, me 0. She wants to keep 100% of her ret acct. Half of the marital property, and wants me to give her 50k. We bought a house on a land contact in August 2016 with 50k down of which she contributed 0.
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1 ANSWER

Divorce Attorney serving Milwaukee, WI
Partner at Karp & Iancu S.C.
4 Awards
In answer to your question, probably not, but of course, no one can offer you any guarantees or promises. Wisconsin divorce law presumes that all property brought into the marriage or acquired during the marriage is presumptively equal.  The only exception is gifted and inherited property received from a third party. Courts have discretion under s. 767.61 to deviate from equal property division after considering all the factors listed under the statute. The two key factors for you are the length of the marriage and property brought into the marriage by either party.        Courts on short term marriages tend to restore the parties back to the way they were at the time of the marriage. Property acquired due the marriage remains equal and any enhanced value of a pre marital asset gets divided. The value of the pre marital asset remains intact and is restored to the person who brought the asset into the marriage. Your wife makes an interesting settlement proposal; she keeps 100% of her retirement plan, but takes 50% of your business value. That is fundamentally unfair, and I don't see a court doing that. If she is going after half your business, she will also be required to hire a business appraiser to present a business valuation and that can cost thousands of dollars depending on what type of business you have. Next time, get a pre-nup done. If they are done correctly, they are legally binding in a divorce case.
Answered on Jan 21st, 2017 at 7:04 AM

David B. Karp Karp & Iancu, S.C. 933 North Mayfair Road #300 Milwaukee, WI 53226 414 453 0800 dbk@karplawfirm.com www.karplawfirm.com

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