We analyze the formation of squeezed states in a condensate of ultracold bosonic atoms confined by a double-well potential. The emphasis is set on the dynamical formation of such states from initially coherent many-body quantum states. Two cases are described: the squeezing formation in the evolution of the system around the stable point, and in the short time evolution in the vicinity of an unstable point. The latter is shown to produce highly squeezed states on very short times. On the basis of a semiclassical approximation to the Bose-Hubbard Hamiltonian, we are able to predict the amount of squeezing, its scaling with $N$ and the speed of coherent spin formation with simple analytical formulas which successfully describe the numerical Bose-Hubbard results. This new method of producing highly squeezed spin states in systems of ultracold atoms is compared to other standard methods in the literature.
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