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EQUITABLE DISTRIBUTION IN DIVORCE SETTLEMENTS IN WISCONSIN: VALUATION, TAX AND OTHER ISSUES Garrick G. Sierpinski, CFP, CDA Divorce Financial Solutions, LLC April 28, 2005, II.VALUATION ISSUES A.

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How to fill out equitable distribution in divorce

How to fill out equitable distribution in divorce?

01

Gather all financial documents: Start by collecting all financial documents related to assets, debts, and liabilities. This may include bank statements, mortgage documents, credit card statements, investment account statements, tax returns, and more.

02

Make a comprehensive list of assets and liabilities: Create a list of all assets and liabilities that need to be divided in the divorce. This may include real estate, vehicles, retirement accounts, pensions, business interests, debts, and more.

03

Determine the value of assets: For each asset, determine its fair market value. Real estate may require a professional appraisal, while investments and retirement accounts can be valued based on statements or with the help of a financial advisor.

04

Identify separate and marital property: Differentiate between separate property (owned before marriage or acquired through inheritance or gift) and marital property (acquired during the marriage). Keep detailed records and documentation to support your claims if necessary.

05

Assess the contributions of each spouse: Consider each spouse's financial and non-financial contributions to the marriage, such as income, homemaking, childcare, and career sacrifices. This may influence the division of assets and debts.

06

Analyze the needs and circumstances of each spouse: Consider the financial needs and circumstances of each spouse moving forward. This may include earning capacity, health, age, and custody arrangements if children are involved.

07

Negotiate or seek legal advice: Discuss the equitable distribution with your spouse and attempt to reach a fair agreement. If negotiation fails or the complexity of the distribution requires legal expertise, consult with a divorce attorney who specializes in equitable distribution.

Who needs equitable distribution in divorce?

01

Couples going through a divorce: Equitable distribution is relevant for couples who are legally ending their marriage and need to divide their marital property and debts. It ensures a fair and equitable distribution of assets and liabilities based on various factors and laws.

02

Individuals with marital property: If you accumulated assets or debts during your marriage, you will likely need to go through the equitable distribution process during divorce to determine how these will be divided between you and your spouse.

03

Those seeking a fair resolution: Equitable distribution aims to provide a fair resolution for both parties involved, taking into account various factors such as contribution, needs, and circumstances. It ensures that neither party is disadvantaged or unjustly enriched during the division of assets and debts.

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What is equitable distribution in divorce?

Equitable distribution in divorce refers to the fair division of marital assets and debts between divorcing spouses.

Who is required to file equitable distribution in divorce?

Both spouses are required to file equitable distribution in divorce.

How to fill out equitable distribution in divorce?

Equitable distribution forms must be filled out accurately and completely, listing all marital assets and debts.

What is the purpose of equitable distribution in divorce?

The purpose of equitable distribution in divorce is to ensure a fair and equitable division of marital property.

What information must be reported on equitable distribution in divorce?

Information such as assets, debts, income, expenses, and any other relevant financial information must be reported on equitable distribution in divorce.

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