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.

While divorce is likely not on the minds of engaged or newly-married couples, high net worth individuals are smart to make a contingency plan in the unfortunate case that their marriage ends in divorce. Latest counts indicate that right around 40% of marriages end in divorce. So, while it isn’t the most romantic subject to think about, there are many benefits to putting a plan in place just in case – particularly if you have significant assets to protect.

Prenuptial (pre-marriage) and postnuptial (after marriage) agreements are legal tools that dictate what should happen if the married couple decides to divorce. At The Ohiku Law Office, we are the greater Milwaukee area’s leading high-net worth divorce attorney and are skilled at drafting both prenuptial and postnuptial agreements for our clients. Read on for everything you need to know about these tools.

Why should my spouse and I draft a prenuptial or postnuptial agreement? 

There are many compelling reasons to put a plan in place in case you and your spouse decide to divorce down the road. One of the biggest is this: Wisconsin is a marital property state. This means all property and debts held by either spouse during the duration of the marriage are subject to equal division during divorce (with some exceptions). So, if you have assets you treasure, considerable wealth, or are a business owner, divorce could mean you face significant losses. A prenuptial or postnuptial agreement will help you protect what’s important to you by outlining in advance how your assets would be divided should you and your spouse divorce.

What is a prenuptial agreement? 

A prenuptial agreement is a legally-binding document drafted prior to two people getting married. In the state of Wisconsin, this tool is sometimes referred to as a Marital Property Agreement. A prenuptial agreement dictates how property, assets, and debts the couple hold should be divided if they divorce. This may include: homes or other owned property, vehicles, retirement and investment holdings, inherited wealth, owned businesses, electronics, jewelry, antiques. A prenuptial agreement may even address the issue of alimony. A prenuptial agreement does not outline issues related to child support, custody, or visitation.

Importantly, if a prenuptial agreement doesn’t explicitly state that the terms outlined therein should apply to divorce proceedings, a judge may decide the document is invalid and divide the property in a different way. The judge must also find that the terms outlined in the agreement are reasonable, that both spouses were honest and forthright about their financial situations, and that both spouses had appropriate legal support when the agreement was drafted. An experienced divorce attorney should always help draft prenuptial agreements to ensure they hold up in court.

What is a postnuptial agreement? 

A postnuptial agreement is a legal document created after a couple has gotten married. Most often, a couple will create a postnuptial agreement if one receives an inheritance or they acquire new property. Inherited wealth is often an exception to marital property division as it is considered the property of only one spouse, but that is not always the case. A married person who wants to protect an inheritance should take the necessary precaution of drafting a pre- or postnuptial agreement.

As with a prenuptial agreement, a postnuptial agreement does not outline what should happen in regards to child custody and visitation should a couple decide to divorce.

I’m Attorney Odalo Ohiku. At The Ohiku Law Office, I help high net worth clients just like you with all aspects of family and divorce law, providing expert legal services that protect what’s important to you. If you’re engaged, newly married, or considering divorce and have significant assets to consider, it’s smart to consult an experienced Milwaukee divorce attorney. Our team is ready to answer your questions – give us a call today.

If you have recently decided to divorce your spouse, you are not unique. Divorces have skyrocketed over the past six months, largely due to the fact that couples are spending more time cooped up at home together and have found that their marriage no longer makes them happy. Economic stressors such as job loss, market fluctuation, and disagreements about how to respond to the current health climate are other reasons people are seeking divorce during this time.

Due to the logistical and economic implications of COVID-19, divorce is slightly more complicated right now than it was in pre-pandemic times. The process becomes even more complex for high net worth individuals seeking divorce who have alimony considerations, many assets to divide, and may own one or more businesses.

If you are a high net worth individual considering divorce, you need an exceptional Milwaukee divorce lawyer on your team. I’m Odalo Ohiku. At The Ohiku Law Office, my team and I help guide people just like you across the greater Milwaukee area through the divorce process with a focus on collaboration, fairness, and ensuring you get what you deserve out of the process. We prioritize mediation with the spouse and their team whenever possible to lessen the stress and resentment divorce can cause. If mediation is not possible, we fight tirelessly for your goals and interests, resulting in favorable outcomes for our clients.

Are you a high net worth individual considering divorce during COVID-19? Here’s what you need to know.

Timing is critical. 

While you may be anxious to begin divorce proceedings as soon as possible, it’s important to consider the potential economic implications of divorcing at this current moment in time. COVID-19 has set the markets in flux, and the value of your assets today could be very different from their value three or six months from now. This could impact the settlement amount you or your spouse receive, despite the fact that Wisconsin is a marital property state, with assets and debts acquired during the marriage divided equally between divorcing spouses. Exceptions to this rule could mean one spouse walks away with significantly more, and the value of those excepted assets at the time of settlement could make a big difference.

Alimony is another element of divorce that could be impacted by the current economic climate. A judge may rule that you need to pay more in alimony due to the difficulties your ex-spouse may face in the current job market or in balancing at-home virtual learning with needing to work outside the home.

Take stock of your assets.

If the total value of your assets exceeds one million dollars, you fall into the high net worth divorce category. As you start on your divorce journey, take some time to inventory your assets and assess their current value and how that value may fluctuate over the coming year. For example, during COVID-19, your home value may be rising, while the value of your investment or retirement accounts may fluctuate or dip down temporarily.

Now is also the time to consider what assets you want to retain after the divorce and which you could stand to lose. The ultimate outcome may not be exactly what you wish, but knowing what you can stand to part with will be very helpful in expediting the settlement process.

Consider these assets in your inventory:

• Homes, second homes, vacation properties, investment properties, timeshares.
• Business you own or in which you are a partner.
• Vehicles – cars, boats, airplanes, motorcycles, etc.
• Investment and retirement accounts.
• Bank accounts.
• Copyrights, trademarks, and patents.
• Valuables, antiques, and collectibles.
• Debts – either personal or business.
• Tax refunds.
• Insurance policies.

Be patient.

This can be the hardest pill to swallow when it comes to divorce, and COVID-19 only slows things down. Whether we are in a pandemic or not, divorce for a high net worth couple can be extremely complex and can easily turn contentious. Knowing you are likely in for a long divorce process from the start can help you manage your expectations and stress levels and keep things in perspective. Having a divorce attorney on your team with ample experience delivering favorable outcomes for high net worth clients won’t hurt either.

If you have considered the above implications and have decided you want to proceed with your divorce, let’s get started right away. At The Ohiku Law Office, our team puts your needs and goals front and center. We help high net worth individuals in Milwaukee and surrounding areas with expert divorce and family law services, including dispute resolution, child custody and placement, alimony, and more. Give us a call with questions or to get started today.

Divorce is simply a fact of modern life. Studies estimate between 35 – 40% of marriages end in divorce. If you and your spouse have decided that divorce is the best way forward, you are embarking on what can be an emotional, stressful, and complex legal and personal process that will have profound implications for your life and that of your family.

At Ohiku Law, we provide expert divorce and family law service for people in Milwaukee and surrounding communities. We have helped a lot of people get through the divorce process and have seen firsthand the negative impact it can have on everyone involved. If you are considering divorce, or if you have started down that road, read on for some simple ways you can make the process a little easier on yourself and your family.

1. Be mindful of the big picture. When it comes to divorce, no one gets everything they want. Divorce is a legal process that often involves a lot of emotions and other complex feelings for those involved. The client’s we’ve worked with who have had the best experiences with divorce go into the process knowing they will have to compromise. Focusing too much on getting every little detail to go your way will leave you frustrated. Instead, try to focus on the end goal of the process and what you want your future to look like. This type of visualization can help you get through the tough moments with your feelings and sanity intact.
2. Prepare your finances. As soon as you decide to get divorced, it’s time to get organized. We can’t stress this enough: divorce is a complicated process that involves nearly every aspect of a person’s life, with finances playing a major role. First, get all your financial account information and contact info for key advisors in one place. Next, make copies of important documents, like your will, bank statements, recent pay stubs, loan/mortgage information, important bills, insurance policy information, etc. Finally, start saving money to put toward legal expenses. By getting prepared early, you will save yourself a headache down the road.
3. Take advice with a grain of salt. As outlined above, a lot of people have gone through the divorce process and it is likely you know more than one person who has gotten divorced. Friends and family will want to share their personal divorce experiences with you and give you advice. While they probably mean well, taking divorce advice from someone not familiar with all the details of your situation, the goals and outcomes you want to achieve, your family dynamics, and divorce law in your state can steer you in the wrong direction. Having an experienced attorney like Odalo Ohiku as your primary advisor in the process will help ensure you have the best experience possible.
4. Do your best to protect the feelings of your children. If you are considering divorce and have children – no matter what age – they will be impacted by this major life change. While this fact is unavoidable, there are steps you can take to make the divorce experience much, much easier on your children. First, avoid talking negatively about your soon-to-be ex-spouse in front of them. In almost all situations, children of divorce continue to have a relationship with both parents and it’s important that they are given the space they need to build their own feelings about that relationship. Another tip: consider exploring therapy resources specifically designed to support children going through divorce. Having someone to talk to who has experience with this specific issue can be helpful for children as they navigate their emotions about this significant life change.
5. Get professional support. Many people considering divorce are concerned about how much it will cost. The truth is: divorce is not cheap. To save money, some people decide not to hire a divorce attorney to support them in the process. This is a mistake. An experienced divorce attorney can help you navigate the complex process of divorce, avoiding mistakes and pitfalls that make the process last much longer and cost significantly more. A divorce attorney can also give you advice on how to prepare your finances so you are ready for the cost, and will keep the process moving to ensure you get through this experience in the best way possible.

I’m Odalo Ohiku, an experienced divorce attorney in Milwaukee with expertise in family law, child custody and placement, dispute resolution, and much more. Every client I work with has a unique situation and my ethic is to provide the exact service each needs to meet their goals and have the best experience possible. If you have questions or are ready to get started, give the offices of Ohiku Law a call today.