Determining 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

High 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.

Are 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

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.

Divorce 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.

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.

If 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.