If you are like most people in Wisconsin, when you are discussing the possibility of getting married with your partner, the last thing you want to think about is a potential divorce. However, with divorce so prevalent these days, it is normal for it to come into conversation and this is actually a good thing as it can initiate important conversations. When it comes to money, many people worry about how they can prevent losses in a divorce and some believe that simply keeping separate bank accounts is the answer.
CNBC indicates that the separate bank account, while wise in some ways, is not likely to provide the level of financial protection most people seek or expect. Wisconsin is one of a few states in the countries identified as a community property state and that means even a bank account in one person's name may be deemed a joint marital asset during a divorce. In addition, the longer a marriage lasts, the harder it really can be to prove that even money kept in an account under one spouse's name was not in some way used to benefit the couple or the family.
A prenuptial agreement is perhaps the best way to truly keep money separate in a divorce. Postnuptial agreements can also help if a couple is already married and did not create a prenup.
This information is not intended to provide legal advice but is instead meant to give residents in Wisconsin some ideas about how they may or may not be able to protect their money or other assets if their marriage ultimately ends in divorce.