Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.