A high net worth divorce is a complex process that requires significant preparation. There are many assets on the table and it is essential to do your due diligence in order to protect your interests. This blog post will discuss essential tips for preparing for a high net worth divorce.

Attorneys Odalo Ohiku and Felicia Owen of The Ohiku Law Office are highly experienced in supporting high net worth individuals going through a divorce. When you work with Ohiku Law, you will receive considerate and comprehensive support on your divorce journey, from preparing documents to navigating divorce court to understanding your settlement. For answers to your questions about high net worth divorce, contact The Ohiku Law Office team today.

Here are our essential tips for preparing for a high net worth divorce:

Document and Value All Assets

Oftentimes, high net worth divorces are more complex than other types of divorces. This is because there are usually more assets involved. This means every aspect of the divorce, from preparation to asset inventory to settlements can be more complex. For this reason, it is essential to have a thorough understanding of your assets and their value from the outset of your divorce journey. You should document everything and fairly assess the value of each asset. For valuation, you will want to retain the services of an experienced professional who is willing to not only value your assets, but defend their valuation in court. This will help you protect your interests in the divorce settlement. An experienced divorce attorney can help ensure no stone is left unturned.

Brush Up on Your Tax Knowledge

Another important factor to consider in a high net worth divorce is taxes. Past, current, and future tax implications can impact everything from valuation of assets to alimony judgements. It is important to understand how taxes will play a role in dividing up your assets. This can be a complex issue, so it is best to consult with an experienced tax advisor and your divorce attorney to best understand the tax implications of your divorce.

Understand Alimony

In a high net worth divorce, alimony is often a key issue. Alimony, also called spousal support, is payments made from one ex-spouse to another after a divorce. The purpose of alimony is to help the recipient spouse maintain their standard of living after the divorce. In order for alimony to be awarded, the court must find that one spouse has a need for support and that the other spouse has the ability to pay. Alimony can be paid in lump sum or periodic payments and can be temporary or permanent, depending on the situation. If you are facing a high net worth divorce, it is important to understand how alimony works and what you can expect. An experienced divorce attorney will be able to answer your questions and help you understand the process.

Prepare for Child Support and Custody

If you have minor children, child support and custody will be important issues in your divorce. Child custody is the legal term for the right to make decisions about your child’s life, including education, religion, and medical care. Child custody can be shared between spouses, or can be granted entirely to one spouse. In most divorce cases, particularly when spouses cannot come to a mutual agreement, child custody arrangements are determined by the courts. Child support is financial support that is paid by one parent to the other for the care of their minor children. In a high net worth divorce, child support and custody can be complex issues. This is because there are often significant assets involved. For this reason, it is important to consult with an experienced divorce attorney to understand your rights and options when it comes to child support and custody.

Retain a Highly Experienced Divorce Attorney

One of the most important things you can do when preparing for a high net worth divorce is to retain a highly experienced divorce attorney. A high net worth divorce is complex, and you need an attorney who has the experience and knowledge to protect your interests. When choosing a divorce attorney, be sure to ask about their experience handling high net worth divorces. You should also ask for references from past clients. Once you have retained a divorce attorney, be sure to listen to their advice and follow their guidance. This is the best way to ensure you are prepared for your high net worth divorce.

If you are facing a high net worth divorce in Milwaukee, contact the Ohiku Law Office today. Our experienced divorce attorneys can answer your questions and help you understand your rights and options. We will work tirelessly to protect your interests and help you through this difficult time. Call us today to schedule a consultation.