Legal Question in Family Law in Wisconsin

Laws of dividing up debt

We are contimplating divorce. We basically have just debt. How will things be divided up if it is just debt? I make more than my spouse, but she works full time. Will we have sell our house, or can one person live here and the other get another residence?

How can we do this if we both agree on it the cheapest way?

Right now I pay the mortgage, car payments, insurance and all bills with my salary. She uses her salary for other expendictures such as clothes , entertainment some gas and food.

Will the 401k's be divided and stocks and if so, if I owe her 10,000 in 401k who pays the taxs to withdraw early?

thanks for your help

js


Asked on 9/21/04, 7:02 pm

1 Answer from Attorneys
Paul Piaskoski

Re: Laws of dividing up debt

If the debt was acquired during marriage then each of you are equally responsible for that debt. As far as the house is concerned, if there is any equity in the house, the party who is keeping the property will have to pay one-half of that amount to the other spouse. If neither of you can keep the house, then it would be sold. You may want to sell the house and use what proceeds, if any, are generated from the sale to pay other bills. As far as dividing the 401(k), you can merely roll over your half of the account into your own name and as long as you don't withdraw it early, you won't have to pay taxes. Please feel free to call or email with any other questions.

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Answered on 9/22/04, 10:01 am


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