Thursday, July 7, 2011

Wisconsin's Marital Property Law in Practice

I'm married to an electrical engineer, and for those of you who are not, you may not realize how many questions they ask....engineers are very thorough. Especially in the area of finances. Several years ago my husband asked questions related to Wisconsin's marital property law. He understood the part about assets being considered 50/50 regardless of how they were titled, but he could not get his mind around liabilities being 50/50. How can one party be bound to a liability they may never know about. The fuzziness apparently festered in his mind over the years, but was cleared up this past weekend.

Last week I applied for a new credit card for my legal practice. Several days later I received an approval letter. The next day my husband received a letter notifying him that I had applied for credit, on my own, giving him notice to this new source of liability. And with that letter, Wisconsin's marital property law became a bit more clear in his engineering mind.

As always, please consult your own attorney for legal advice -- this blog is for reflection, not legal representation.

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