You might have purchased several expensive items with sentimental value during a marriage. If you dissolve the union, divorce attorneys will work with you and your ex on the division of assets. In the case of a vacation home, where you live could determine who will get it in the settlement. Wisconsin, for example, has strict laws regarding community property. To prepare for the proceedings, here is a guide to what you should know about state laws and what you can do with the home afterward.   

How a Vacation Home Is Used After a Divorce

Getting a divorce could result in a drastic change in income. Having a vacation home can come in handy. After leaving the family residence, you or your ex could move in to the second property. Already being familiar with the house can make the transition less of an adjustment. As an extra source of income, you could also work out an agreement through a divorce attorney to lease the property to tenants and split monthly rental checks or put it on the market and split the profits.

How Wisconsin Laws View Vacation Homes

Regardless of whether you live in a one- or two-income home or one spouse is a higher earner, community property is divided equally in a Wisconsin divorce. Under the Marital Property Act of 1986, courts look at the date an asset was purchased or acquired to determine whether it’s community property. If the vacation home was purchased during the marriage, either party is entitled to it during the divorce. This is not the case if it was purchased by one spouse before the marriage. If you moved from another state, the date you became a Wisconsin resident could be used to determine what’s considered marital property, too. If either party disagrees that the vacation home is community property, they must prove why they believe it should be listed as separate. 

If you plan to file for divorce in Wisconsin, the lawyers at Arndt Buswell & Thorn S.C. will try to make the process less stressful. With over 25 years of experience in family law, the divorce attorneys work on behalf of residents in Monroe and La Crosse counties to ensure they are treated fairly and with respect during this life change. To discuss your options and avoid common missteps, call (608) 269-1200 for the Sparta office or (608) 486-2324 for the Bangor location. Visit the divorce attorneys online for a look at all of their practice areas, including estate planning, personal injury, and business law.