When a couple decides to divorce and they have a high net worth, things can get complicated quickly. The term “high net worth” is not clearly defined, so it can be difficult to know what steps to take next. This blog post will answer some of the most frequently asked questions about high net worth divorce and provide information to help you make an informed decision about your future.

If you are considering divorce and are looking for representation, please contact The Ohiku Law Office. We are the Milwaukee-area experts in high net worth divorce, child custody/placement, alternative dispute resolution and more. Read on for answers to your questions then call Ohiku Law today.

What does “high net worth” mean in divorce? 

There is no precise definition of “high net worth” when it comes to divorce. However, in general, a high net worth divorce is one in which the divorcing couple has assets totaling $500,000 or more.

What types of assets will be considered in my high net worth divorce?

In Wisconsin divorce cases, assets and debts incurred during the course of the marriage are divided equally, though there are nuances and exceptions. In general, the following assets are inventoried, negotiated, and distributed equally between divorcing parties:

• Real estate property (primary residence, vacation home, rental properties, etc.)
• Vehicles
• Antiques and collectibles
• Business interests
• Investment accounts
• Retirement accounts
• Pensions
• Stock options
• Life insurance policies
• …and more.

One major caveat in dividing assets is whether the assets are owned jointly or have a named beneficiary other than the spouse. In these cases, things can get tricky. If you have questions or concerns about how your assets will be divided in divorce, contact The Ohiku Law office today.

How will my high net worth divorce be different from a divorce with fewer assets? 

The biggest difference in a high net worth divorce is usually the level of complexity. When there are more assets to divide, it can take longer to reach a settlement that is fair for both parties. In addition, high net worth divorces often involve more than one divorce lawyer and/or financial advisor to ensure that all assets are properly valued and divided.

What are the biggest challenges in a high net worth divorce? 

One of the biggest challenges in a high net worth divorce is asset division. When there are a lot of assets to divide, it can be difficult to come to an agreement that is fair for both parties. Another challenge is finding a divorce lawyer who has experience handling high net worth divorce cases. Attorney Odalo Ohiku of The Ohiku Law Office has decades of experience handling complex high net worth divorce cases. Contact us today to learn more.

What are the consequences of not hiring a divorce lawyer? 

If you choose not to hire a divorce lawyer, you may be at a disadvantage when it comes to asset division and other important aspects of your divorce. You may also have a more difficult time reaching a fair agreement with your ex-spouse.

How can I find the right divorce lawyer for my high net worth divorce? 

The best way to find the right divorce lawyer for your high net worth divorce is to ask for referrals from friends or family members who have been through a similar experience. You can also search online for divorce lawyers in your area who specialize in high net worth divorce cases.

What should I expect during my first meeting with a divorce lawyer? 

During your first meeting with a divorce lawyer, you should expect to discuss your divorce case in detail. You will also need to provide the lawyer with information about your assets, debts, and income. The lawyer will use this information to determine how best to proceed with your divorce case.

If you are reading this, you or someone you know is likely considering a divorce and has questions about what that means for them financially. A high net worth divorce can be especially complicated because of the unique issues and concerns that come with it. We hope this information will help you make an informed decision about what is best for you and your family.

If you are going through a high net worth divorce, it is important to have an experienced divorce lawyer on your side. The Ohiku Law Office has represented clients in some of the most complex divorce cases in Milwaukee. Call us today to learn how we can help you.