Valuing and Dividing Retirement Accounts in High Net Worth Divorces

Valuing and Dividing Retirement Accounts in High Net Worth Divorces

Valuing and Dividing Retirement Accounts in High Net Worth Divorces

Valuing and Dividing Retirement Accounts in High Net Worth DivorcesNavigating a high net worth divorce presents a unique set of challenges, including the division of substantial retirement accounts. These assets, such as 401(k)s, IRAs, and pension plans, often represent a significant portion of marital wealth and demand careful consideration due to their complex tax implications and potential future value.

This article explains the complexities of valuing and dividing retirement accounts in high net worth divorces. This guide, in addition to the help of a trusted divorce lawyer, will provide clarity and insight into the process.

Summary

  1. Valuing Retirement Accounts
  2. Factors Affecting Valuation
  3. Dividing Retirement Accounts
  4. Types of Division
  5. Protecting Your Retirement Accounts
  6. Seeking Professional Guidance

1. Valuing Retirement Accounts

Valuing retirement accounts accurately is a critical aspect of high net worth divorces, primarily because these assets often represent a large portion of the couple’s wealth. An accurate valuation is not just about knowing the current balance in the account. It’s also about understanding the potential future value of these assets, considering factors like investment growth, interest rates, and the account holder’s retirement age.

2. Factors Affecting Valuation

Several factors play a crucial role in the valuation of retirement accounts. Beyond the current balance, future considerations like investment risk, inflation, and health-related expenses can greatly impact the value of these assets. Taxes also significantly affect the worth of these accounts as they are due when assets are withdrawn from some retirement plans.

Additionally, the real value of retirement accounts stems from not having to pay taxes on investment income and the opportunity for rebalancing. Furthermore, the size, value, and profitability of the investments within the account can also influence the overall value.

3. Dividing Retirement Accounts

The division of retirement accounts in high net worth divorces is a complex task, requiring careful navigation of legal implications. Retirement assets accrued during the marriage, such as IRAs and 401(k)s, are generally considered marital assets that can be divided.

This division can be achieved through a “transfer incident to divorce” or a Qualified Domestic Relations Order (QDRO). In some cases, ex-spouses might even be eligible for monthly benefits if the marriage lasted for at least ten years.

Additionally, high net worth individuals often have significant funds tied up in various financial investments, adding another layer of complexity to the division process. Therefore, seek expert advice from a divorce lawyer to ensure an equitable division.

4. Types of Division

Retirement accounts can be divided in various ways, including:

  • Equal Split: This involves dividing the account balance equally between both parties. Most states adopt the “equitable division” rule, implying that the judge will divide a couple’s property based on what’s fair in their specific situation.
  • Pro-Rata: This method considers the contributions made by each party during the marriage. In high net worth divorces, pro-rata division of retirement accounts can be a viable strategy to ensure an equitable split. This method involves dividing the retirement assets according to the proportion each party contributed or based on the length of the marriage during which the funds were accrued. For instance, if a 401(k) account was funded both before and during the marriage, a pro-rata split might allocate only a portion of that account to the marital estate.
  • Set-off: In this approach, one spouse may keep the retirement account in exchange for other assets of equal value. However, it’s important to consider the tax implications and potential future value of each asset when negotiating a set-off.

Your divorce lawyer will know state laws and be able to inform you what options you have based on where you live. For instance, Wisconsin law states that 401(k)s acquired during the marriage must be divided through an equal split. You can learn more about Wisconsin law in the post “What Happens To Your 401(k) When You Divorce in Wisconsin.”

5. Protecting Your Retirement Accounts

Wealth & Divorce How to Split Retirement Accounts FairlyDuring a high net worth divorce, both parties may have a vested interest in protecting their retirement accounts. There are several ways to safeguard these assets, such as:

  • Prenuptial or Postnuptial Agreements: Prenuptial and postnuptial agreements provide a layer of protection for various types of retirement funds, including 401(k)s, IRAs, and employer-sponsored pensions. They can stipulate that each spouse retains 100% of their respective retirement assets, thereby protecting these assets from division during divorce.
  • Trusts: Trusts can serve as valuable tools in protecting retirement accounts. A Retirement Plan Trust, for example, acts as a shield, insulating the principal of qualified retirement accounts such as an IRA or 401(k). By naming your trust as the beneficiary of your retirement accounts, you can control what happens to the funds after your passing.
  • Negotiating: Effective negotiation can help ensure that the division of these assets is fair and equitable. One strategy might involve trading off other assets to retain more of your retirement accounts. For instance, you might agree to a lower share of the marital home in exchange for a higher percentage of your retirement savings.

6. Seeking Professional Guidance

Dividing retirement accounts in a high net worth divorce requires careful consideration and planning. By understanding the different types of accounts, valuing them accurately, and working with a qualified attorney, you can ensure that your retirement assets are protected and divided fairly.

At Ohiku Law, we have experience handling high net worth divorces and can provide you with the guidance you need during this challenging time. Our team of professional Milwaukee divorce attorneys has the expertise to help you navigate the legal complexities surrounding retirement accounts, ensuring that your interests are protected. Contact us today for a consultation and let us help you achieve a fair division of your retirement assets.

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.

Mastering Child Custody A Guide for High Net Worth Parents

Child Custody Strategies for High Net Worth Parents: Best Interests of the Child

Child Custody Strategies for High Net Worth Parents: Best Interests of the Child

Mastering Child Custody A Guide for High Net Worth ParentsDetermining child custody during a divorce is never easy, but it can be particularly challenging for high net worth parents. The court must consider traditional factors such as the physical and mental health, along with additional considerations such as financial resources and lifestyle.

This article explores strategies that high net worth parents should use to ensure the best interests of their children are met during a divorce. These tips, along with the help of a trusted divorce attorney, can help you better navigate your divorce while keeping the best interests of your children front and center.

Summary:

  1. Divorce and Parenting Plans in Wisconsin
  2. Factors that Determine Child Custody
  3. Negotiating a Parenting Plan
  4. More Considerations for High Net Worth Couples
  5. Pros and Cons of Mediation for High Net Worth Divorcing Parents
  6. Additional Resources

1. Divorce and Parenting Plans in Wisconsin

In Wisconsin, divorce proceedings involving minor children require the creation of a parenting plan. This agreement is designed to address practical parenting issues and outlines the responsibilities of each parent in raising the child.

The law in Wisconsin generally presumes that parents have joint legal custody of the children. However, if parties fail to reach an agreement in mediation, they must file a proposed parenting plan within 60 days.

This becomes particularly important for high net worth parents, whose complex financial situations may further complicate matters. Hence, such parents should work together to prioritize the child’s best interests and ensure their needs are met.

2. Factors that Determine Child Custody

During a divorce, the most important thing couples must decide is how their children will be cared for. There are two different forms of child custody to be decided: legal custody and physical placement.

Legal custody includes the right to make decisions about the children’s upbringing including healthcare, education, religion, etc. Physical custody or physical placement refers to which parent the child will primarily live with.

In determining which parent should receive primary physical custody, attorneys consider a number of factors including:

  • The relationship between each parent and the child
  • The willingness of each parent to encourage a relationship between the child and the other parent
  • The parents’ physical, mental, and emotional health
  • The parents’ lifestyle (including use of drugs, alcohol, gambling or criminal activity)
  • Each parent’s work schedule and ability to provide care for the child
  • Any history of domestic violence by either parent

3. Negotiating a Parenting Plan

Negotiating a parenting plan for high net worth parents can be a complex process due to the unique circumstances that accompany a high-net-worth lifestyle. The key to successful negotiation lies in prioritizing the child’s best interests above all else.

A well-crafted parenting plan should detail custody arrangements, visitation schedules, and decision-making protocols. High net worth parents often have demanding schedules, so flexibility and clear communication are essential.

It’s also crucial to involve experienced professionals, such as divorce attorneys or mediators, who can provide advice on the best course of action.

4. More Considerations for High Net Worth Couples

Child Custody Strategies for High Net Worth Parents Best Interests of the ChildHigh net worth individuals involved in a child custody battle have some additional considerations. In cases where one parent has access to more resources than the other, courts must ensure that the financial disparity does not give that parent an unfair advantage.

Another issue that frequently arises in high net worth divorces is asset division. Parents should consider creating a trust to protect their children’s assets from any potential conflict or disputes between the parents. This can be especially important in cases where one parent may have inherited money, owns property or has other complex financial arrangements. Prioritizing succession and generational wealth transition is an important topic in many of these cases.

Lastly, high net worth divorces often involve lifestyle changes, especially if the couple is accustomed to a luxurious lifestyle they can’t maintain post-divorce. Therefore, open communication about financial matters throughout the process is vital to minimize conflict.

To help protect parents with high net worth from potential conflicts of interest, courts often appoint independent advisors or consultants to assess the situation and develop child custody plans.

5. Pros and Cons of Mediation for High Net Worth Divorcing Parents

Divorce mediation can offer several advantages for high net worth parents undergoing a divorce. It fosters a more collaborative environment, emphasizing open communication. This approach can make it easier to co-parent after the divorce as they create a parenting plan tailored to their specific needs.

Additionally, mediation allows the parties to maintain control over the process and outcome of their divorce, which can be beneficial in complex financial situations.

However, there are also drawbacks to consider. If mediation fails, it could potentially become more expensive as parents would have to spend money on both the mediator and attorneys. Additionally, mediation may not be suitable for people uncomfortable with discussing and negotiating legal matters without an attorney’s guidance.

You can read more about the pros and cons of mediation in our article “Is Divorce Mediation Right For You?

6. Additional Resources

By understanding these strategies and seeking legal guidance, high net worth couples can navigate their divorce and develop a child custody plan that serves their children’s best interests. While it may not always be an easy process, divorce can be led with the utmost care for your children and their needs.

For help navigating your high net worth divorce, contact Ohiku Law. At Ohiku Law, our experienced Milwaukee divorce attorneys will put you and your child’s needs at the forefront. Contact us today for a free 30-minute consultation.

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.

Tips for Maintaining Privacy During a High Net Worth Divorce

Tips for Maintaining Privacy During a High Net Worth Divorce

Tips for Maintaining Privacy During a High Net Worth Divorce

Tips for Maintaining Privacy During a High Net Worth DivorceIn the realm of high-stakes divorces, where significant assets and reputations are on the line, maintaining privacy becomes a major concern. The dissolution of a marriage is an intensely personal affair, and when substantial wealth is involved, it can attract unwanted public attention and even media scrutiny.

This article will provide tips for protecting your privacy during a high net worth divorce, ensuring that you navigate this challenging process with dignity and discretion. These tips, along with the help of a trusted divorce attorney, can help you manage a stressful time with privacy and ease.

Summary:

  1. Understand the Legal Implications of Divorce
  2. Know What Information is Public
  3. Utilize a Trust to Keep Assets Separate
  4. Know Your Rights
  5. Hire a Financial Advisor
  6. Find an Experienced Divorce Attorney

1. Understand the Legal Implications of Divorce

Understanding the legal implications of a high net worth divorce is key to managing the process while preserving your privacy. High-profile divorces often involve complex property division like shared business interests, real estate, investments, and other substantial assets. These complexities can draw out the proceedings, increasing the chance for details to leak into public view.

Knowledge of laws surrounding confidentiality and non-disclosure agreements can be critical in keeping these details private. It’s advisable to consult with a seasoned divorce attorney who specializes in high net worth divorce cases to guide you through the legal maze while protecting your privacy rights.

2. Know What Information is Public

In most jurisdictions, including the state of Wisconsin, divorce proceedings are part of public record, meaning that anyone can access the details of your case, including asset division and custody arrangements.

However, some documents or pieces of information can be sealed by the court, making them inaccessible to the public. This typically includes sensitive information such as financial records, proprietary business information, or anything that might harm a party’s reputation if made public.

It’s important to work with your divorce attorney to identify which parts of your case can be kept private and to request that the court seal these records. Keep in mind that anything you post on social media or discuss publicly outside of court could also become part of the public record. Therefore, it’s advised to be mindful of your digital footprint during this time.

3. Utilize a Trust to Keep Assets Separate

Securing Your Privacy in a High Net Worth DivorceUtilizing a trust or keeping assets separate can be an effective strategy for maintaining privacy in a high net worth divorce. Trusts, especially those established before marriage, are generally considered separate property and not subject to division during divorce proceedings. This can help protect assets like a small business or inheritance.

However, it’s important to note that not all trusts provide this protection. For instance, revocable trusts may not exclude your assets in a divorce since they can be altered or canceled by the trustor.

In addition to trusts, keeping gifts or inheritances separate from marital assets can also offer protection. To maximize privacy and asset protection, consider using a combination of trusts and prenuptial or postnuptial agreements.

4. Know Your Rights

Every individual going through a divorce has certain legal rights that protect their privacy and personal information. These rights can vary depending on the jurisdiction, but generally, you have the right to keep sensitive personal and financial information confidential.

You also have the right to request that certain documents or information be sealed or redacted from the public record. Additionally, you have a right to private consultations with your attorney, where any information shared is protected by attorney-client privilege.

It’s important to be fully aware of these rights and to assert them when necessary. A knowledgeable attorney can provide guidance on how best to protect your privacy rights during the divorce process.

5. Hire a Financial Advisor

Hiring a financial advisor during divorce can be a crucial step in maintaining privacy and managing assets. A skilled financial advisor can provide guidance on asset division, tax implications, and future financial planning.

It is important to choose an advisor who understands the complexities of high net worth divorces and has experience in dealing with such cases. They can also help ensure that all financial disclosures are accurate and complete, which can prevent disputes and maintain privacy.

6. Find an Experienced Divorce Attorney

Finding an experienced divorce attorney is a crucial step in maintaining privacy during a high net worth divorce. An attorney well-versed in handling complex and high-value asset divisions can provide valuable advice on protecting your privacy and financial interests. They can guide you through legal processes, negotiate on your behalf, and help minimize the amount of personal information that becomes part of the public record.

If you’re looking for a Milwaukee divorce attorney, the team at Ohiku Law is here to help you. Ohiku Law has years of experience helping clients in the Milwaukee metro area, including Brookfield, Mequon and the North Shore navigate their high net worth divorces. Call Ohiku Law today so we can help protect what matters to you.

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.

Working with Financial Experts in Your High Net Worth Divorce

Working with Financial Experts in Your High Net Worth Divorce

Working with Financial Experts in Your High Net Worth Divorce

Working with Financial Experts in Your High Net Worth DivorceAre you facing a high net worth divorce? This is one of the most complicated family law issues, as it involves dividing up assets in a way that is not only fair to both parties but also legally and financially sound. In order to properly navigate this complex situation, it’s important to enlist not only the help of a skilled divorce attorney but the help of a financial expert.

It’s not just about dividing assets; it’s about understanding the value of those assets, their potential for future growth, tax implications, and much more.

This article will delve into the role of financial professionals in high net worth divorces, highlighting how they can help protect your wealth and ensure a fair division of assets.

Why Have Financial Professionals When Going Through a High Net Worth Divorce?

When figuring out how to prepare for your high net worth divorce, there’s a lot to consider. Engaging financial professionals during a high net worth divorce is an important first step. These experts bring to the table crucial knowledge and understanding of complex financial matters that are often involved in such cases.

High net worth divorces often involve assets that are more complicated than cash, such as executive compensation plans, business interests, rare collections, and assets spread across multiple jurisdictions. This complexity can make asset division challenging, and without proper expertise, one might inadvertently overlook valuable assets or fail to understand the tax implications of the divorce.

Additionally, there’s a risk of hidden assets in high net worth divorces, which professionals can help uncover. This happens when one spouse conceals anything worth value like jewelry, investments or any other sources of income. Thus, having a financial professional on your side is vital to ensure a fair settlement and protect your wealth.

What Should I Look For in a Financial Expert?

When looking for a financial expert to assist you in your high-net-worth divorce, they should have extensive experience in handling complex financial matters related to divorce, such as dividing pensions, business valuations, and tax implications.

You should also look for a professional with strong communication skills, who can explain complex financial matters in simple terms. Their ability to clearly articulate these details will help you make informed decisions.

Lastly, the financial expert should have a thorough understanding of the laws and regulations governing divorce in your jurisdiction, as these can significantly impact the division of assets.

What to Expect from Working with a Financial Professional

Secure Your Financial Stability During a High Net Worth Divorce

When working with a financial professional during your high net worth divorce, you can expect a comprehensive review and analysis of your financial situation. They will examine all your assets, including real estate, retirement accounts, investments, business interests, and more.

Their goal is to establish an accurate picture of your financial standing and the value of these assets. They may also uncover hidden or overlooked assets, ensuring everything is on the table for division.

How Financial Professionals Help Draft a Divorce Settlement Agreement

Financial professionals play a crucial role in drafting a divorce settlement agreement in high-net-worth divorces. They start by conducting a comprehensive financial analysis to identify and value all marital assets as stated above. Once the assets are identified and valued, financial professionals can assist in forecasting the long-term financial implications of various settlement scenarios. This includes understanding tax consequences, future income, and potential changes to lifestyle.

By providing these insights, they help you and your divorce attorney negotiate a settlement that is financially fair and sustainable in the long term.

The Benefits of Working with a Financial Professional During Your High Net Worth Divorce

A key advantage of working with a financial professional during your divorce is their ability to accurately identify, value, and divide complex assets like real estate investments, business ownership interests, and retirement accounts. As mentioned, they can also uncover hidden or overlooked assets, ensuring a comprehensive division of wealth.

Financial professionals provide crucial insights into the long-term implications of various settlement options, including tax consequences and potential lifestyle changes. This helps you make informed decisions that protect your financial future.

Their expertise in financial matters can also reduce stress and confusion during a challenging time. Lastly, they can serve as a neutral third party, helping to facilitate productive discussions and negotiations, which can lead to a fairer, faster resolution.

What Should I Do if My Spouse Refuses to Hire a Financial Expert?

If your spouse refuses to hire a financial expert during your high net worth divorce, it’s crucial for you to take steps to protect your interests. Begin by consulting with your divorce lawyer. They can explain the benefits of having a financial expert involved and may be able to persuade your spouse or the court of its necessity.

If your spouse continues to resist, you may have the option to hire a financial expert on your own. This professional can provide you with the financial analysis and advice you need to negotiate a fair settlement. In some cases, the court may even order the involvement of a financial expert if it believes their input is necessary for the equitable division of assets.

In conclusion, engaging a financial professional during your high net worth divorce is a strategic move that can significantly impact the outcome of your settlement. They bring invaluable expertise in identifying and valuing complex assets, forecasting long-term financial implications, and ensuring a fair division of wealth.

While the divorce process can be challenging, working with experts during the process can help alleviate some of the stress. At Ohiku Law, we specialize in divorce law and helping our clients in Milwaukee, Brookfield and beyond get the best possible outcome.

Contact us today if you’re looking for a divorce attorney in Milwaukee. We are here to help.

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.

Are you facing a high net worth divorce Navigate distributing complex assets with ease

Dividing Complex Assets in High Net Worth Divorces: Businesses, Real Estate, and More.

Dividing Complex Assets in High Net Worth Divorces: Businesses, Real Estate, and More.

Are you facing a high net worth divorce Navigate distributing complex assets with easeNavigating the process of a high net worth divorce is complex and can be extremely challenging. If you are already navigating this process, then you may already be familiar with what is unique about high net worth divorces. It requires specialized knowledge of legal, financial, and tax issues, often involving multiple entities and investments.

Whether you’re dealing with businesses, real estate holdings, or any other type of asset division issue during a high-value divorce in Milwaukee, it’s important to enlist the help of an experienced divorce attorney in Milwaukee. A knowledgeable attorney can provide guidance throughout the process, ensure a fair outcome, and assist you in protecting your rights and interests.

In this article, we’ll dive into the considerations for dividing complex assets in high net worth divorces and how enlisting the right lawyer on your side can make all the difference.

How Can a Divorce Lawyer Help?

A reputable divorce lawyer can help with various aspects of asset division during a high net worth divorce, including:

  • Negotiating the division of assets with your former spouse or their attorney.
  • Helping you identify and understand all potential assets.
  • Analyzing and evaluating assets to ensure a fair settlement.
  • Investigating any hidden or undisclosed assets.
  • Crafting an appropriate asset distribution agreement that meets your needs.
  • Representing your interests in court, if necessary.
  • Assisting with the sale of jointly owned property and other assets.

What Assets are Subject to Division?

In Wisconsin, which is a community property state, most assets acquired during the marriage are considered marital property and are subject to division upon divorce. This includes:

  • Real estate
  • Businesses
  • Retirement accounts
  • Investments
  • Personal property such as vehicles and furnishings
  • Debts incurred during the marriage

However, there are exceptions to the list above based on each circumstance. For example, gifts or inheritances received by one spouse during the marriage can remain separate property, as long as they were kept separate from marital funds.

Similarly, property that one spouse brought into the marriage might remain separate property, but any increase in its value during the marriage could be considered marital property.

It’s important to note that while the presumption in Wisconsin is an equal division of assets, courts can make adjustments based on various factors, such as the duration of the marriage and each spouse’s contributions to the marriage. All of these factors are why transparency is so important during a high net worth divorce.

And always, it’s recommended to consult with a divorce attorney to understand how these rules apply to your specific situation.

How Are Assets Divided?

Dividing Complex Assets in High Net Worth Divorces- Businesses, Real Estate, and MoreIn high net worth divorces, dividing complex assets such as businesses, real estate, and other substantial investments involves a meticulous process. Initially, all assets owned by either spouse must be identified and classified as either separate property (owned by one spouse before the marriage or received as a gift or inheritance during the marriage), or marital property (acquired during the marriage).

The next step is to accurately evaluate these assets, which may require the assistance of financial experts or appraisers. Once the value is determined, the assets are divided equitably between the spouses.

What Happens to Business Entities?

In Wisconsin, business entities can become a complex part of property division in a divorce. If the business was established or grew in value during the marriage, it is typically considered marital property and subject to division.

Determining the value of a business for this purpose can be challenging and often requires the help of a forensic accountant or business valuation expert. Even if one spouse had no active role in the business, they may still be entitled to a share of its value.

However, dividing a business does not necessarily mean selling it. It’s possible that the spouse who is actively involved in the business could retain it, compensating the other spouse with other assets or through a payment plan.

Alternatively, the spouses could continue to co-own the business post-divorce, though this requires a high degree of cooperation.

Understanding Financial Disclosures

During a high net worth divorce, understanding financial disclosures is paramount. These disclosures provide a comprehensive overview of each spouse’s financial situation, including income, expenses, assets, and liabilities.

In high net worth divorces, these disclosures can be complex due to the variety and complexity of assets involved, such as businesses, real estate, investments, and offshore accounts. It’s not uncommon for one spouse to try to hide assets to avoid sharing them. Therefore, it may be necessary to employ forensic accountants or financial investigators to ensure full disclosure and proper valuation of assets.

Child Support and Alimony

Child support is generally determined by a statutory formula that takes into account the income of both parents, the number of children, and the custody arrangement. However, in high net worth situations, courts may deviate from the standard calculation to accommodate the child’s accustomed standard of living.

Alimony, also known as spousal support or maintenance, is not as formulaic. It is determined by things like the duration of the marriage, the earning capacity of each spouse, and yes the standard of living. In high net worth divorces, however, alimony payments can be substantial and last for many years.

What are Pre- and Post-Divorce Asset Planning Strategies?

Pre- and post-divorce asset planning strategies are crucial components of navigating high net worth divorces. Prior to a divorce, pre-divorce asset protection planning involves the use of legal tools and strategies to secure wealth and prepare for potential financial implications. This could involve understanding how assets will be divided, managing debt, and considering factors such as spousal and child support, tax implications, and retirement planning.

Post-divorce, it’s essential to follow up on any financial “loose ends” and re-evaluate your financial plan to adjust for changes in income, expenses, and assets. Organizing finances and reviewing where assets are held can also be a crucial part of this process.

Additionally, asset protection strategies might include the use of prenuptial or postnuptial agreements.

Preparing for Your High Net Worth Divorce

Navigating a high net worth divorce can be a complex endeavor, especially when it involves dividing intricate assets like businesses and real estate. It’s crucial to understand the legal and financial implications of these divisions to ensure an equitable outcome.

While this process can be overwhelming, remember that you don’t have to face it alone. Collaborating with a divorce lawyer can significantly streamline the process.

The Ohiku Law Office specializes in divorce law, child custody and placement, dispute resolution, and more for clients in the Milwaukee area. To find out if Ohiku Law can help with your high net worth divorce, contact 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.

Attorney meeting with clients

Navigating a Contested Divorce in Wisconsin: What You Need to Know

Navigating a Contested Divorce in Wisconsin: What You Need to Know

Attorney meeting with clientsDivorce is never an easy process, but a contested divorce can be particularly challenging. If you are considering filing for divorce in Wisconsin, it’s crucial to understand the legal process, your rights, and your responsibilities. This comprehensive guide will help you navigate the complexities of a contested divorce in Wisconsin and provide insights and recommendations on how to achieve a favorable resolution. If you still have questions or are looking for expert legal advice as you face contested divorce, contact the Ohiku Law Office, expert divorce attornies in Milwaukee, today.

What is a Contested Divorce and When is it Necessary to Seek One?

A contested divorce occurs when spouses cannot agree on one or more issues, such as property division, child custody, child support, or spousal support. In these cases, the court must step in to make decisions on behalf of the couple. A contested divorce may be necessary when:

  • Communication between spouses has broken down, making it impossible to reach agreements.
  • There are significant disagreements regarding the division of assets, debts, or other financial matters.
  • There are disputes over child custody, visitation, or support.

Initial Steps to Take When You Decide to File for a Contested Divorce in Wisconsin

Consult with an experienced family law attorney: Before taking any legal action, it’s essential to consult with an attorney who specializes in divorce and family law. They can help you understand your rights and responsibilities and guide you through the contested divorce process.

  • Prepare and file the necessary paperwork: To initiate a contested divorce in Wisconsin, you’ll need to file a Summons and Petition for Divorce with the appropriate county court. Your attorney can help you complete and submit these documents.
  • Serve your spouse with divorce papers: After filing, you must serve the divorce papers on your spouse, either personally or through a professional process server. Your spouse then has 20 days to file a response.
  • Attend mandatory parenting classes (if applicable): If you have minor children, Wisconsin law requires both parents to attend a parenting class before the court will finalize the divorce.

How Wisconsin Laws Handle Property Division, Child Custody, Child Support, and Spousal Support in Contested Divorces

  • Property division: Wisconsin is a community property state, meaning that marital assets and debts are generally divided equally between spouses. However, the court has the discretion to make adjustments based on factors such as the length of the marriage, each spouse’s contributions to the marriage, and each spouse’s earning capacity.
  • Child custody: The court will determine child custody based on the best interests of the child, considering factors such as the child’s age, each parent’s ability to care for the child, and the child’s relationship with each parent.
  • Child support: In Wisconsin, child support is calculated using a percentage of income standard, which considers the non-custodial parent’s income and the number of children they are supporting.
  • Spousal support: The court may award spousal support (also known as alimony or maintenance) based on factors such as the length of the marriage, each spouse’s earning capacity, and the needs of each party.

Differences and Similarities Between a Contested Divorce and an Uncontested Divorce

While both contested and uncontested divorces result in the dissolution of a marriage, there are key differences in how they are resolved:

  • Agreement: In an uncontested divorce, the spouses agree on all issues, while in a contested divorce, disagreements must be resolved by the court.
  • Cost: Contested divorces are typically more expensive than uncontested divorces due to increased legal fees and court costs.
  • Time: Contested divorces often take longer to resolve, as they require court intervention to settle disputes.

However, both types of divorce require filing paperwork, serving the documents on the other spouse, and following Wisconsin’s divorce laws and procedures.

Legal Proceedings That Take Place During a Contested Divorce

  • Discovery: This is the process of gathering information and evidence to support your case. Both parties may request documents, ask questions, or take depositions to build their arguments.
  • Custody evaluations: If child custody is disputed, the court may order a custody evaluation to assess each parent’s ability to care for the child and recommend custody and visitation arrangements.
  • Mediation: Before going to trial, the court may require the spouses to participate in mediation in an attempt to resolve their disagreements outside of court.
  • Trial: If the parties cannot reach an agreement through mediation, the case proceeds to trial, where a judge will hear arguments and make decisions on the contested issues.

The Role of Attorneys, Judges, and Other Professionals in the Contested Divorce Process

  • Attorneys: Family law attorneys play a crucial role in representing their client’s interests during a contested divorce. They provide legal advice, prepare and file necessary documents, and advocate for their clients in court.
  • Judges: In a contested divorce, the judge makes decisions on property division, child custody, child support, and spousal support after hearing both parties arguments.
  • Other professionals: Depending on the complexity of the case, other professionals such as financial experts, appraisers, and mental health professionals may be involved in the contested divorce process.

Navigating a contested divorce in Wisconsin can be challenging, but understanding the legal process and working with experienced professionals can help you achieve a favorable resolution. Consult with a knowledgeable family law attorney to ensure your rights and interests are protected throughout the divorce process. If you’re in the greater Milwaukee area and looking for legal help, click here to learn more about The Ohiku Law Office and how we can support you. 

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.

A couple sitting on a couch looking sad.

Divorce vs. Legal Separation in Wisconsin: What’s the Difference?

Divorce vs. Legal Separation in Wisconsin: What’s the Difference?

A couple sitting on a couch looking sad.When a marriage starts to break down, couples may face the difficult decision of ending their relationship legally. In Wisconsin, there are two primary options for couples when considering a legal separation or divorce. This blog post will provide an in-depth understanding of the differences between divorce and legal separation in the state of Wisconsin.

At The Ohiku Law Office Milwaukee, we help people navigate the complexities of divorce, family law, mediation, and more. If you’re considering divorce or legal separation, hopefully, this blog will help you make an informed decision based on your unique circumstances. Please don’t hesitate to reach out to us with questions.

Legal Requirements for Divorce and Legal Separation

In Wisconsin, both divorce and legal separation require the couple to meet specific legal requirements. The steps involved in each process and the legal implications of choosing one option over the other are as follows:

  • Residency Requirement: To file for a divorce or legal separation in Wisconsin, at least one spouse must be a state resident for at least six months and a resident of the county where the action is filed for at least 30 days.
  • Grounds: Wisconsin is a no-fault divorce state, meaning that neither spouse needs to prove misconduct by the other spouse. The only ground for divorce or legal separation is the “irretrievable breakdown” of the marriage.
  • Filing Process: Both divorce and legal separation begin by filing a petition with the appropriate county court. After filing, there is a mandatory 120-day waiting period before the court can finalize the divorce or legal separation.
  • Division of Assets and Debts: In both divorce and legal separation, Wisconsin follows the principle of marital property, wherein all assets and debts acquired during the marriage are divided equally between the spouses unless there is a prenuptial or postnuptial agreement stating otherwise.
  • Child Custody and Support: In both cases, the court will determine child custody, placement, and support based on the best interests of the child.
  • Spousal Support: The court may award spousal support (also known as alimony) in both divorce and legal separation cases.

When to Choose Divorce Over Legal Separation and Vice Versa

Divorce and legal separation are similar in many ways, but there are some key differences that may make one option more suitable than the other for certain couples.

  • Divorce: A divorce legally terminates the marriage, allowing both spouses to remarry. Couples may choose a divorce if they want a clean break and have no intention of reconciling. Divorce provides certainty and closure, which may be beneficial for emotional healing.
  • Legal Separation: A legal separation does not dissolve the marriage, meaning that neither spouse can remarry unless they later decide to convert the separation into a divorce. Couples may choose legal separation for various reasons, such as religious beliefs, maintaining health insurance coverage, or preserving certain military benefits.

Financial Considerations

Divorce and legal separation can have different financial implications, such as:

  • Tax Consequences: Legally separated couples can still file joint tax returns, which may result in tax savings. Divorced couples must file separate tax returns.
  • Social Security Benefits: In some cases, legally separated spouses may still be eligible for Social Security benefits based on their spouse’s work record.
  • Debt Liability: In a legal separation, both spouses may still be liable for any debts incurred by the other spouse, even if the court has divided the debts between them.

Basic Pointers for Contemplating Either Option

If you are considering divorce or legal separation, ask yourself the following questions:

  • Are you confident that your marriage cannot be salvaged?
  • Can you live with the financial implications of your chosen option?
  • How will your decision impact your children, if you have any?
  • Are there any religious or personal beliefs that may influence your choice?

Understanding the differences between divorce and legal separation in Wisconsin is crucial for couples facing the difficult decision of ending their marriage. By considering the legal requirements, financial implications, and personal circumstances, couples can make an informed decision that best suits their needs. Consulting with an experienced family law attorney, like our team at Ohiku Law Office in Milwaukee, WI, can provide valuable guidance and support during this challenging time. Click here to learn more about Ohiku Law and how we can help you. 

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.

A calculator sitting on top of a spreadsheet with a pencil.

Understanding Property Division in Wisconsin: Is Wisconsin a 50/50 Divorce State?

Understanding Property Division in Wisconsin: Is Wisconsin a 50/50 Divorce State?

A calculator sitting on top of a spreadsheet with a pencil.When couples contemplate divorce, one of the biggest concerns is how property will be divided. The laws regarding property division vary from state to state. In Wisconsin, property division during a divorce is based on community property principles. This principle indicates that marital property should be divided equally. Many wonder whether Wisconsin is a 50/50 divorce state, and the answer is yes.

Here at The Ohiku Law Office in Milwaukee, we help people going through a divorce with sensitive and compassionate divorce attorney services. We specialize in helping people with a high-net-worth navigate those complexities and protect what matters most. If you have questions about the legalities of divorce, please don’t hesitate to contact us today. In this blog, we will talk more about what “community property state” means and your options going forward.

Understanding Community Property Principles

Wisconsin, along with eight other states, follows community property principles. The other 41 states operate under equitable distribution principles. In community property states, marital property is divided equally. Equitable distribution, on the other hand, ironically does not guarantee an equal division. Instead, the goal of equitable distribution is to distribute property in a fair and just manner.

In Wisconsin, community property principles dictate that marital property should be split equally between spouses. However, it is not always a simple process. The court may consider various factors, such as the length of the marriage, the age and health of each spouse, and the earning capacity of each spouse, before determining the final division of assets.

Marital Property vs. Separate Property

In Wisconsin, marital property is considered to be any property that was acquired during the marriage, with some exceptions. The exceptions include property obtained through inheritance or gift, which is considered separate property. Property that was owned by one spouse before the marriage and was not co-mingled with marital assets is also considered separate property.

It’s worth noting that the court cannot divide separate property during a divorce. Instead, separate property remains with the spouse who owns it.

Options for a Less-Stress Divorce: Mediation and Arbitration

While Wisconsin is a 50/50 divorce state, dividing assets equally is not always a straightforward process. It is not uncommon for contentious disputes to arise during property division negotiations. To avoid long and costly court battles, many couples opt for alternative dispute resolution methods like divorce mediation or arbitration.

Divorce mediation allows couples to work with a neutral third-party mediator to negotiate and make decisions about property division and other issues. Mediation can be less stressful and time-consuming than traditional litigation, and couples have greater control over the outcome.

Arbitration, on the other hand, is a private process where a neutral third party acts as a judge and makes a final decision about property division. Couples who opt for arbitration often do so because they want their dispute to remain private and avoid the publicity that often accompanies courtroom litigation.

At Ohiku Law, our team of experienced attorneys knows that divorce mediation and arbitration can be excellent alternatives to traditional litigation. Attorney Odalo Ohiku’s primary goal is to help clients reach a peaceful settlement that suits everyone involved. Attorney Ohiku and his team have helped numerous clients through the mediation and arbitration process, and they have the experience necessary to provide quality assistance at every step of the way. By choosing Ohiku Law, clients benefit from a personalized approach to mediation and arbitration that ensures the best possible results for their unique situation. With us, you can feel confident knowing that you have an advocate with the knowledge, experience, and skills necessary to assist you in finding a resolution to your divorce case.

Wisconsin is a 50/50 divorce state and follows community property principles when it comes to property division. However, the court will consider various factors before determining the final division of assets. It is also worth noting that separating marital property and separate property is an important part of property division in Wisconsin. Finally, couples who wish to bypass the sometimes contentious court process may opt for alternative dispute resolution methods like divorce mediation or arbitration.

If you or anyone you know is considering divorce in Wisconsin, it is crucial to work with an experienced divorce attorney. The Ohiku Law Office is here to help. Our attorneys are experts in divorce law and can guide you through the property division process from start to finish. Contact us today to schedule a consultation.

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.

A pile of dollar bills

What Happens to Your 401K When You Divorce in Wisconsin?

What Happens to Your 401K When You Divorce in Wisconsin?

A pile of dollar billsDivorce is an emotionally challenging and complicated process, particularly when it comes to dividing marital assets. Among the assets that most couples worry about during a divorce, is their retirement savings, including 401k accounts.

At Ohiku Law, we understand that divorce can be a complicated and emotionally challenging process. Our experienced divorce attorneys specialize in helping clients navigate the complexities of property division, including the division of 401k accounts. We provide personalized guidance and support to ensure that our client’s rights are protected and their financial futures are secure. Click here to learn more and talk to a divorce attorney in Milwaukee.

If you are divorcing in Wisconsin and have questions about what happens to your 401k in divorce, you are not alone. In this blog post, we will explore the factors that may impact the division of a 401k in a Wisconsin divorce.

Community Property and Exceptions in Wisconsin

Wisconsin is one of few community property states in the United States. Community property means that assets amassed during the course of a marriage are owned equally by both spouses. This rule applies to not only assets but also debt, including mortgages, credit card debt, and loans. In a divorce, all community property is subject to division between both parties.

However, there are exceptions to the rule of community property in Wisconsin. These exceptions to the rule of community property, or the division of marital assets, are known as separate property. Separate property in a divorce is the property that belongs to one spouse or the other and is not eligible for division. Under Wisconsin law, separate property can include:

  • Assets or property owned prior to the marriage
  • Gifts to one spouse during the marriage
  • Inheritances received by one spouse during the marriage
  • Property specifically designated in a prenuptial or postnuptial agreement as separate

Dividing property in a divorce can be a complex process. It is essential to identify all assets and debts of the community estate to ensure an equitable division of assets. This process can involve an extensive discovery process that can involve subpoenas for records, appraisals, and depositions to ensure that all assets and liabilities are fully identified.

It is highly recommended that individuals going through a divorce in Wisconsin seek out experienced legal counsel given the complexity of the laws surrounding property division. At Ohiku Law, our experienced attorneys can provide guidance and support throughout the property division process, whether in mediation, arbitration, or traditional litigation. Our goal is to help clients achieve a fair and equitable division of marital assets. We work closely with our clients to prepare for negotiations and consider any factors that may impact the division of property, including tax consequences and the future financial outlook for both parties.

401k and Divorce in Wisconsin

401k plans are considered marital property in Wisconsin, even if one spouse contributed more than the other during the marriage. According to Wisconsin law, 401ks acquired during the marriage must be divided equally between the spouses. This means that each spouse is entitled to 50% of the value of the 401k, regardless of who contributed more to the account during the marriage.

QDRO and 401k Divisions

When divorcing spouses need to divide a 401k, a Qualified Domestic Relations Order (QDRO) is required. This is a legal document that separates one owner’s property interest in a retirement account to give the interest to an alternate payee. In the case of divorce, the alternate payee is typically the non-contributing spouse. A QDRO directs the plan administrator to make payments to the alternate payee from the account. It is essential to work with an attorney experienced in drafting QDROs to ensure that the document accurately reflects each spouse’s share.

Tax Implications of Dividing a 401k

It is important to note that the division of a 401k during a divorce can have tax implications. Funds withdrawn from a 401k are typically subject to taxes and early withdrawal penalties. A QDRO can help avoid these penalties. Transfers pursuant to a QDRO are typically neither taxable nor subject to penalties as long as they are made in accordance with the requirements of the order and the Internal Revenue Code.

Alternative Dispute Resolution Options

Litigation is not the only way to resolve property division issues in a divorce. Couples seeking an alternative to the traditional litigated divorce process can consider divorce mediation or arbitration. In divorce mediation, a neutral mediator assists the spouses in reaching an agreement themselves, outside of court. In arbitration, a neutral arbitrator makes decisions on behalf of the parties. Both mediation and arbitration can be faster, less expensive, and more flexible than traditional litigation.

Dividing a 401k during a divorce in Wisconsin can be a complex process. Having an experienced Milwaukee divorce attorney is essential to navigating this process and ensuring that your rights are protected. The Ohiku Law Office specializes in divorce and family law, including alternative dispute resolution options. Contact us today to schedule a consultation and learn more about how we can help you navigate your divorce and protect your financial future.

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.

An image of the outside of a large white and grey home

Who Gets the House in a Wisconsin Divorce?

Who Gets the House in a Wisconsin Divorce?

An image of the outside of a large white and grey homeIf you’re getting divorced and living in Wisconsin, it’s important to understand how state laws affect what happens with your shared home. This post will walk you through each step and offer some tips on protecting yourself throughout the process. At The Ohiku Law Office in Milwaukee, we know that divorce is a difficult thing to go through, so we want to help make sure you get the best outcome possible for your specific situation. If you’re looking for advice or expert legal services, click here to learn more about our work and contact us today.

What happens to the family home in a Wisconsin divorce?

In the state of Wisconsin, divorce follows the “community property” law. This means that any property acquired during the marriage, including the family house, is subject to equal division upon divorce between spouses. In the event that the spouses mutually agree to sell the home, the proceeds will be distributed in equal portions to each party. In situations where one spouse wishes to retain ownership of the home, they must negotiate a compensation package or buyout with their co-owner.

If one spouse wishes to keep the house, they may be required to give up other marital assets to compensate the other spouse. These assets may include savings accounts, investments, retirement accounts, or vehicles. Alternatively, the spouse who wants to keep the house may offer to take on more of the marital debt in return for the house. The parties can also negotiate arrangements that allow one spouse to keep the home for a certain period before it is sold, in which case they would share the proceeds according to the original agreement.

Another option for a spouse who wants to keep the house is to agree to take the house instead of seeking alimony payments. This can work if the house’s value is high enough to support the spouse’s living expenses, or if other assets like investments can be used to provide additional income. However, this option is usually only advisable if the spouse has the financial means to support themselves without the additional support from alimony payments.

Overall, property division in a divorce can be a complicated and contentious process. If one spouse wishes to keep the home, they may need to negotiate with the other spouse or offer other assets in return. However, with the help of an experienced divorce attorney, couples can work out mutually acceptable arrangements that allow each spouse to move forward after a divorce.

How is the value of the house determined in a Wisconsin divorce?

When a couple decides to divorce, one important aspect of the property division process is determining the value of their marital assets, including their home. In Wisconsin, the value of a couple’s home is determined through a property appraisal, which is usually conducted by a licensed professional appraiser.

The appraiser will examine the property and consider factors such as the condition of the property, its location, size, age, and any updates or renovations made to it. These factors help the appraiser to determine the fair market value of the property, which is the estimated price the home is most likely to sell for in the current market.

Once the value of the home has been determined, it then becomes one of many assets that are divided equally between the spouses. In order to divide the asset, one spouse may buy out the other spouse’s share of the home. Alternatively, the couple may decide to sell the home and split the proceeds equally.

It is important to note that occasionally the value of the home may not be a straightforward matter, and disagreements may arise. In these situations, it may become necessary to hire additional professionals, such as real estate analysts, attorneys or expert witnesses, to help reach a decision. These professionals can provide expert testimony in court, adduce evidence of market trends, or explain any unique market aspects that might affect the value of the property.

The role of a mediator or attorney in dividing the property.

While some couples are able to negotiate the division of their property on their own, others may choose to work with a mediator or attorney to help them reach a fair and equitable settlement agreement.

The role of a mediator in property division is to act as a neutral third party who can facilitate communication between the parties and assist them in reaching a mutually acceptable agreement. The mediator can provide guidance on matters related to property division and help clarify any misunderstandings or disputes. Mediators can also help couples achieve a faster and less contentious process and can reduce legal costs in comparison to traditional litigation.

An attorney’s role is to provide legal advice and guidance on issues related to the division of property. They can prepare legal documents, review agreements, and represent their client at court hearings, trials, or appeal cases. However, certain divorce attorneys like our team at Ohiku Law can offer both legal and mediation services.

Overall, whether you choose mediation or legal representation depends on your unique situation. If you and your spouse are committed to finding a collaborative solution, mediation may be the best course of action. If you need legal guidance to ensure that your rights and financial interests are protected, an attorney is likely to be necessary. Regardless of the option you choose, working with a professional can provide a positive outcome for both parties and offer long-lasting benefits.

If you’re looking to learn more or hire an experienced divorce attorney in Milwaukee or surrounding areas, contact The Ohiku Law Office today. Attorney Odalo Ohiku specializes in high-net-worth divorce cases and helps couples just like you work through their divorce with compassion and minimal stress. Click here to learn more.

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.