If you have recently decided to divorce your spouse, you are not unique. Divorces have skyrocketed over the past six months, largely due to the fact that couples are spending more time cooped up at home together and have found that their marriage no longer makes them happy. Economic stressors such as job loss, market fluctuation, and disagreements about how to respond to the current health climate are other reasons people are seeking divorce during this time.

Due to the logistical and economic implications of COVID-19, divorce is slightly more complicated right now than it was in pre-pandemic times. The process becomes even more complex for high net worth individuals seeking divorce who have alimony considerations, many assets to divide, and may own one or more businesses.

If you are a high net worth individual considering divorce, you need an exceptional Milwaukee divorce lawyer on your team. I’m Odalo Ohiku. At The Ohiku Law Office, my team and I help guide people just like you across the greater Milwaukee area through the divorce process with a focus on collaboration, fairness, and ensuring you get what you deserve out of the process. We prioritize mediation with the spouse and their team whenever possible to lessen the stress and resentment divorce can cause. If mediation is not possible, we fight tirelessly for your goals and interests, resulting in favorable outcomes for our clients.

Are you a high net worth individual considering divorce during COVID-19? Here’s what you need to know.

Timing is critical. 

While you may be anxious to begin divorce proceedings as soon as possible, it’s important to consider the potential economic implications of divorcing at this current moment in time. COVID-19 has set the markets in flux, and the value of your assets today could be very different from their value three or six months from now. This could impact the settlement amount you or your spouse receive, despite the fact that Wisconsin is a marital property state, with assets and debts acquired during the marriage divided equally between divorcing spouses. Exceptions to this rule could mean one spouse walks away with significantly more, and the value of those excepted assets at the time of settlement could make a big difference.

Alimony is another element of divorce that could be impacted by the current economic climate. A judge may rule that you need to pay more in alimony due to the difficulties your ex-spouse may face in the current job market or in balancing at-home virtual learning with needing to work outside the home.

Take stock of your assets.

If the total value of your assets exceeds one million dollars, you fall into the high net worth divorce category. As you start on your divorce journey, take some time to inventory your assets and assess their current value and how that value may fluctuate over the coming year. For example, during COVID-19, your home value may be rising, while the value of your investment or retirement accounts may fluctuate or dip down temporarily.

Now is also the time to consider what assets you want to retain after the divorce and which you could stand to lose. The ultimate outcome may not be exactly what you wish, but knowing what you can stand to part with will be very helpful in expediting the settlement process.

Consider these assets in your inventory:

• Homes, second homes, vacation properties, investment properties, timeshares.
• Business you own or in which you are a partner.
• Vehicles – cars, boats, airplanes, motorcycles, etc.
• Investment and retirement accounts.
• Bank accounts.
• Copyrights, trademarks, and patents.
• Valuables, antiques, and collectibles.
• Debts – either personal or business.
• Tax refunds.
• Insurance policies.

Be patient.

This can be the hardest pill to swallow when it comes to divorce, and COVID-19 only slows things down. Whether we are in a pandemic or not, divorce for a high net worth couple can be extremely complex and can easily turn contentious. Knowing you are likely in for a long divorce process from the start can help you manage your expectations and stress levels and keep things in perspective. Having a divorce attorney on your team with ample experience delivering favorable outcomes for high net worth clients won’t hurt either.

If you have considered the above implications and have decided you want to proceed with your divorce, let’s get started right away. At The Ohiku Law Office, our team puts your needs and goals front and center. We help high net worth individuals in Milwaukee and surrounding areas with expert divorce and family law services, including dispute resolution, child custody and placement, alimony, and more. Give us a call with questions or to get started today.