Divorce is a complex process for everyone, but can get even more complicated for high net worth individuals. When one or both spouses have considerable assets, questions about division of property, what counts as marital property, and who should benefit can quickly become hot-button issues. All of these concerns must be carefully and meticulously handled to ensure the outcome of the divorce proceedings is just and equitable.

At Ohiku Law, Milwaukee divorce attorney Odalo Ohiku has years of experience helping individuals and families with considerable assets navigate the divorce process. We are committed to ensuring every aspect of your divorce is expertly handled, from tax considerations to property division to custody rulings. If you are a high net worth individual considering divorce, keep reading to learn more.

Marital property 

Wisconsin is what’s known as a “marital property” state, meaning all assets and property owned or acquired by a couple during the course of a marriage are equally owned by both partners. However, there are exceptions to this rule, including property owned or inherited by one spouse before or during the marriage – but this depends heavily on the particular situation. Debt incurred during the marriage is also considered to be the equal responsibility of both spouses with some exceptions.

Marital property law will have an outsized impact in divorce proceedings, particularly between spouses with considerable assets to be divided. In rare cases, one or both spouses may try to misrepresent or hide assets to give themselves an advantage, but this is a serious mistake that carries significant consequences. If you’re worried your spouse may try to hide assets during your divorce, the best thing to do to protect yourself is to hire an experienced divorce lawyer.

Division of property in divorce

While marital property law may make it seem like everything will be split down the middle during divorce proceedings, that is not always the case. The court will make a ruling on division of property only after considering a number of factors, including length of marriage, what each spouse owned when entering the marriage, how each spouse contributed to the marriage (both financially and in regards to child care or other supports), age and health considerations for both spouses, earning capability, indivisible assets, the needs or the spouse who will retain primary care of minor children, tax consequences, and much more.

Because each of these elements are different for every couple, the final ruling on division of property will be unique in each case. So, it is difficult to pre-judge or generalize about how property will be divided in a divorce case.

How to protect your assets in divorce

If you have considerable, valuable assets, the very best way to protect your interests during divorce proceedings is to hire an experienced divorce lawyer. We work with you to carefully review your finances and assets, making expert recommendations on how to best proceed to ensure you achieve a favorable outcome. In addition to a great lawyer, it’s smart to consult with your financial planner, tax professional, and other trusted advisors as you move through the process.

Assets that will be considered and potentially divided during a high net worth divorce may include: primary and secondary homes and owned property, business interests, bank accounts, trusts, annuities, pensions and retirement accounts, any type of vehicle (cars, boats, planes, etc.), inherited property, and more. It is important to provide your attorney with a detailed accounting of these and other assets so we can proceed together with a clear picture of your unique situation.

Odalo Ohiku and the team at Ohiku Law are experts in Milwaukee divorce law, custody and placement, dispute resolution and more. We help high net worth individuals and those at all income levels achieve the best possible outcome in their divorce. Give us a call today with questions or to get started.