In general, states are considered either “common law property” or “community property” states. Wisconsin, along with a few other states, is a community property state (community property is referred to as “marital property” in Wisconsin). It is important to understand the difference between these two systems for purposes of wealth management planning, estate planning, and divorce.
Under the common law property system, assets and debts earned or acquired by one spouse during the marriage belong only to that spouse.
Continue Reading A Brief Overview of Wisconsin’s Marital Property System