Where divorce and death are concerned, states are either community property states – where all marital assets are divided 50/50 regardless of extenuating circumstances – or equitable division states, where marital assets are divided fairly but not necessarily equally. When neighboring states have different laws, it can make estate planning much more complex if property is owned in each state.
While Wisconsin is the only Midwestern state that follows community property rules, it is also the only state that has a bit of a hybrid situation, with courts directed to divide marital property “equally, but with discretion.”(Section 767.61). Illinois, on the other hand, is a true equitable division state.
When it comes to estate planning, Wisconsin follows the Marital Property Act, treating most property acquired during marriage as marital property, with some nuances regarding the classification of individual versus marital property. If you live in Illinois but have vacation property in Wisconsin, estate planning can be a bit more complex than usual. Having a DuPage County, Illinois estate planning lawyer for those who own property in Wisconsin can be an invaluable asset.