If you ask a court in Wisconsin for a legal separation or divorce, you are expected to at least attempt to complete a Marital Settlement Agreement with your spouse. The Marital Settlement Agreement is a comprehensive document that has a list of requirements to be addressed prior to divorce or separation being granted. People also tend to wonder what happens after a Wisconsin Marital Settlement Agreement is finalized and if the Agreement can be modified. Here are the top five questions typically asked about Wisconsin Marital Settlement Agreements.
1-What is a Wisconsin Marital Settlement Agreement?
A marital settlement agreement in Wisconsin is negotiated, agreed upon, and signed by both parties as part of your divorce or legal separation paperwork. A marital settlement agreement is a legally binding document upon approval by the court, and it must clearly state how the marital property and debts will be divided.
Since the marital settlement agreement is a division of marital property and debt, you should be specific about what you want (and what you don’t want) and work with your attorney to negotiate the most livable Agreement for you. The waiting period for a divorce in Wisconsin is 120 days, so it is expected that you and the other party will have time to negotiate the settlement and perhaps attend mediation if you want assistance in handling some of the disputed issues when you divide your marital estate.
The marital settlement agreement also addresses the issues of child custody and placement if you still have minor children. Furthermore, the marital settlement agreement needs to include if any spousal maintenance is going to be paid by either party. If you do not address the issue of spousal maintenance in the marital settlement agreement, the maintenance issue is considered waived, and you will not be able to ask for maintenance after the Agreement is signed off on by the court.
2-Do I have to sign a Marital Settlement Agreement?
If you disagree with the proposed Marital Settlement Agreement, then you do not have to sign it. If you do not agree to and sign a Marital Settlement Agreement, then you will have to litigate the marital property division, maintenance, childcare, and custody in court, which will take time and money. You and your attorney will need to carefully evaluate the value of the disputed property division against the cost of fighting over it. The court typically assumes that the marital property is a 50/50 split, but the court can consider factors that will alter that percentage. Most parties find trying to work together on negotiating the division of marital property and assets to be the most reasonable one, where they can work on creating an agreement, they can live with instead of having the court divide the assets.
3-What should be included in a Wisconsin Marital Settlement Agreement?
The following is a short list of what must be included in a Wisconsin Marital Settlement Agreement:
- The division of all marital property, including real property (real estate), household items, and vehicles.
- Any agreement for spousal maintenance.
- Child custody and placement that is in the best interest of the child and who will claim the child or children for tax purposes.
- Restoration of the former name.
- The division of all marital debts.
4-What if one party does not adhere to the Marital Settlement Agreement?
If your ex-spouse is not adhering to the terms of the Marital Settlement Agreement, you will have to file a motion with the court asking the court to enforce the Agreement. Unfortunately, this most likely means heading into court for litigation, which is what the Martial Settlement Agreement was trying to avoid in the first place.
The court will hold a motion hearing and attempt to ascertain why the ex-spouse is not complying with the terms of the Agreement. When one party does not comply with the Agreement, it is usually financially related. For example, they are refusing to make support payments or maintain insurance coverage for a minor child. If your ex is not adhering to the terms of the marital settlement agreement, they are potentially in contempt of court. The court is empowered to take a robust approach to “motivating” a party to comply with its orders. A few general examples of what the court could do it garnish wages, take away passports, and place liens on real property
5-What if I change my mind after I sign the Marital Settlement Agreement?
Unless you can show some type of fraud or misrepresentation by the other party, it is unlikely that you can go back on most of the negotiated terms of your Marital Settlement Agreement. In light of the 120 days waiting period in Wisconsin, also referred to as the “cooling off” period, it is assumed that you will have time to thoughtfully evaluate the assets and debts of the marital estate, what the needs of the children are if there are any minor children and what your needs are in regard to spousal maintenance.
When the divorce process begins, both spouses are required to complete financial disclosure statements, which include proof of income, assets, and debts. The financial disclosure statements are due within 90 days of the initial divorce filing (but earlier is always better), and if your information changes, you are required to update it. The financial disclosure requirement assists in making sure that a complete and accurate accounting of the marital estate is available to all parties prior to any division.
If the custody and care of minor children laid out in the Marital Settlement Agreement are no longer acceptable, then you will have to move that the court make changes to any custody agreement.
Regardless of what your goals are in your divorce, you should consult with an experienced Wisconsin family law attorney. The financial aspects of the marital estate alone have many potential pitfalls, and you should have someone to guide you and protect your right son from your side during this process. Furthermore, an experienced attorney will protect you from agreeing to a marital settlement that will end up setting you back financially. It’s not unusual for someone who has been through a divorce to end up having to downsize considerably or even file for bankruptcy protection. Furthermore, it would be wise to have an attorney to assist you with any potential custody disputes that could occur as ex-spouses settle into their new lives.
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