Separating Marital Assets Is Taking An Inventory

2368 Words Nov 17th, 2014 10 Pages
Dividing Marital Assets in Wisconsin
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The first step to dividing marital assets is taking an inventory. Just like anything else proper preparation makes everything easier. When dividing property there are seven categories the state of Wisconsin lists on the marital settlement agreement form. They include household items, automobiles, life insurance, securities and investments, deferred compensation, retirement benefits, and cash and cash accounts.

Household Items

What is considered a household item is things such as clothing, jewelry, and other personal effects. In most cases the owner of the items keeps these items. If you are already living separately it is likely you have already separated these items. Other items included in this category include furniture, appliances, kitchen items, tools, electronics, etc.

The easiest way to save money when going through a divorce is to do this part without an attorney. It does not make sense, economically, to have two lawyers argue over a nightstand.

Execute dividing household items by sitting down with a completed inventory list and take turns picking items. This can be fairly simple, but when couples have trouble communicating doing the same via email using a completed list.

Automobiles

When dividing family cars the first step is identifying fair market value for each car using resources like Kelly Blue Book [Link: http://www.kbb.com/].

For instance if two cars, like a 2010 Ford Focus…
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