Legal Question in Family Law in Wisconsin
Divorce-financial settlement
Husband has own business with $7000 equity - major equipment & another $5 to $6000 in other equip. (Pro fisherman). We have $14,000 outstanding debt. I own most furniture in home (Owned prior to marriage.) I want to keep house, (there's about $10,000 in equity), and split the debt, 50/50. He can have his fishing equipment & personal possessions. Since the value of his fishing equipment is more than 1/2 of equity in home do I still have to pay him 50% of the value? I realize I'd have to refinance so he is not on the mortgage, but I don't want to have to pay him more $. I had given him $2000 of my personal money to purchase first boat ($20,000 for first one, and 1 on order now is valued at $32,000.) Value of home is aprox. $55,000. Amount still owed - about $44,000. The value of major household possessions is $3000 (high), as most is at least 5 years old, most older. My car worth what I owe -- $3500. His is 1996 4WD pickup, value is $20,000, purchased last spring.
1 Answer from Attorneys
family law separation agreement
I have no idea of the laws in yur state regarding property division but your proposition would fly in Ky. Please contact an attorney in your state to be sure and let him/her advise you