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.