Divorce is a difficult process for everyone involved, especially when it comes to children. In high net worth divorces, where significant assets are at play, the stakes are even higher. The emotional and financial toll of divorce can take a toll on parents and children alike.

As a divorce attorney in Milwaukee, it is our responsibility to ensure that our clients understand the importance of creating a parenting plan that prioritizes the well-being and stability of their children. In this article, we will discuss the key factors to consider when creating a parenting plan in high net worth divorces that maintains family harmony for all involved.

Summary:

1. Putting Your Children First
2. Co-Parenting vs. Sole Custody
3. Child Support Considerations
4. Creating a Detailed Parenting Plan
5. Maintaining Open Communication
6. Seeking Professional Assistance

1. Putting Your Children First

The turbulence of a divorce can be incredibly unsettling for children, and it’s essential to first and foremost prioritize their emotional stability and well-being. High net worth divorces in particular can be complex because they often involve more involved asset division.

There may be substantial assets such as multiple homes, vacation properties, businesses, stocks, bonds, retirement accounts, and other investments to consider. This can complicate the divorce process as it may require valuation experts, forensic accountants, and other financial professionals to ensure an equitable division.

By putting your children first, despite all the divorce complexities, you ensure their lives remain as consistent as possible. And in high net worth divorces in particular, it’s crucial to consider how financial resources can best be utilized to support your children’s needs, such as education, healthcare, and extracurricular activities.

2. Co-Parenting vs. Sole Custody

The decision between co-parenting and sole child custody is a major decision in every divorce. Co-parenting allows both parents to play an active role in their children’s lives, ensuring that they benefit from the emotional, financial, and developmental support of both parents. This model promotes a balanced upbringing and has been shown to be beneficial for children’s psychological health. However, it requires cooperative and respectful communication between ex-spouses, which can be challenging in some circumstances.

On the other hand, sole custody means one parent takes on the primary responsibility for the children’s welfare. While this can offer stability if one parent is unable to participate fully, it may deprive children of the ongoing involvement of both parents.

In high net worth situations, the financial implications of each option also need careful consideration. The focus remains on the child’s best interests; however, the child’s accustomed standard of living, which may be higher due to the parents’ wealth, is also taken into account.

Regardless of the chosen path, the main objective of custody should be to ensure the stability and well-being of your children. An experienced divorce attorney will help protect the best interest of their client and the child. You can learn more in our previous post “How to Choose The Right Lawyer for Your Child Custody Case.”

3. Child Support Considerations

In high net worth divorces, child support calculations can be more complicated. The combined parental income often exceeds typical state guidelines, necessitating a different approach. Courts may consider factors beyond just income, such as the children’s accustomed lifestyle and specific needs.

Furthermore, high net worth divorces can involve intricate assets and revenue streams, which can complicate child support rulings. Therefore, when developing parenting plans in these situations, it’s crucial to consider these unique financial elements to ensure the child’s well-being and stability post-divorce.

4. Creating a Detailed Parenting Plan

A comprehensive parenting plan goes beyond determining custody; it outlines each parent’s responsibilities, including the residential schedule, decision-making protocols, and how to address communication and conflict. High net worth individuals often have demanding careers or social commitments which can impact the custody arrangement and parenting plan.

These parents may need to develop a flexible and detailed parenting plan that addresses their unique work schedules, career commitments, varying residences and more.

Here are the items included in more parenting plans:

• Custody and Visitation Schedule: This should include details about who the child will live with, when and how often the other parent will visit, and schedules for holidays, birthdays, and vacations.
• Decision-Making Responsibilities: The plan should specify who will make important decisions for the child such as those related to healthcare, education, and religious upbringing.
• Financial Responsibilities: This includes details about child support payments, healthcare expenses, education costs, and other financial responsibilities.
• Communication Guidelines: Rules and methods of communication between the parents should be included, as well as how information about the child will be shared.
• Dispute Resolution: The plan should include a process for resolving disputes about the parenting plan itself, this could involve mediation or going back to court.
• Plans for Future Changes: As the child grows older, their needs and circumstances will change. The plan should outline how these changes will be addressed.
• Transportation Arrangements: Details about who will drop off and pick up the child for visits, school, or activities.
• Other Specifics: Any other specifics that might be unique to the family’s situation, like how to handle introducing new romantic partners to the child, rules for social media use, etc.

5. Maintaining Open Communication

Open and effective communication can help to minimize conflict, support problem-solving, and enhance mutual understanding between co-parents. It facilitates effective scheduling and fosters a cooperative environment that prioritizes the child’s best interests. Even when unresolved issues or emotions exist, it’s crucial for parents to maintain respectful and honest dialogue for the benefit of their children.

This includes being flexible and willing to compromise where necessary. Remember, open communication is not just about talking, but also about active listening to understand the other parent’s perspective.

6. Seeking Professional Assistance

In high net worth divorces, it is crucial to seek professional assistance from a reputable divorce attorney who has experience in handling complex financial matters and child custody arrangements. A skilled lawyer can help you navigate the legal complexities of a high net worth divorce and ensure that your children’s best interests are protected.

As a Milwaukee divorce attorney, Ohiku Law understands the challenges that high net worth divorces can bring, especially when children are involved. If you are going through a high net worth divorce, don’t hesitate to reach out to Ohiku Law for support and guidance. We are here to help you ensure stability for your children during this difficult time. Call us today.

By Attorney Odalo Ohiku, Owner of Ohiku Law Office

Attorney Odalo Ohiku is a dedicated and experienced lawyer who focuses on divorce law, family law, and custody and placement for high-net-worth individuals in the Greater Milwaukee area. A trained mediator and arbitrator, Attorney Ohiku has the skill set, experience, and perspective to help clients safeguard their interests while minimizing the stress, anxiety, and conflict that can come with divorce. Attorney Ohiku’s credentials are exemplary: he has been honored as a “Top 40 under 40” by both The American Society of Legal Advocates and The National Trial Lawyers, served as Chair of the Wisconsin State Bar Board of Governors, and earned the President Award from the Wisconsin State Bar. He is passionate about his work in safeguarding families, ensuring that they can maintain the lives they have worked hard to build.