Marital property
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Marital property
Will be executing a quick claim deed
from my parents of large land/home
property. If I put the deed just in my
name is it still marital property in
the event of divorce. If I put it in
both mine and my spouse’s name does it
become marital property upon divorce.
Does it matter either way? What should
I do? state of Wisconsin
Asked on December 6, 2017 under Family Law, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Marital Property is property acquired by either spouse during the marriage under Wisconsin law. However, property that is inherited is NOT marital property so long as it is kept separateduring the marriage. So the deed should be in your name only AND all expenses for the property paid during the marriage should not be paid from marital funds. That can cause a "transmutation" of the property under some circumstances. Wisconsin is a community property state but large inheritances can be considered in dividing assets, meaning not that she would get it but other marital assets could be allocated to her to balance the scales. I would strongly suggest you seek help from an estate planner for your parent's assets to see about possibly a trust for the property with you as beneficiary and a source of funds to pay the upkeep. Good luck.
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