High net worth couples considering divorce have many things to consider along their journey. While the divorce process looks similar for couples with lower net worth and fewer assets, high net worth couples will face certain complexities that others may not. Child custody, alimony, prenuptial agreements, and division of assets are just some of the issues at play when a couple with considerable assets decides to divorce.

The following article lays out some details about how high net worth divorce may differ from the divorce of a lower net worth couple. Each divorce is unique, so for details and added knowledge about your specific situation, contact expert Milwaukee Divorce Attorney Odalo J. Ohiku of The Ohiku Law Office today.

High Net Worth Divorce & Child Custody and Placement

In Wisconsin, child custody and placement can be decided by the parents through mediation or by court order — but is always determined with the best interests of the child in mind. Commonly, both parents have joint custody as long as both are deemed to be fit and proper persons by the court, meaning each has an equal share in decision-making when it comes to the child.

Placement refers to the amount of time a child or children spend in the care of one or both parents. While the children are placed in the care of one parent, that parent retains the right to make routine daily decisions about the child’s care. When a court determines a placement schedule, as long as they deem both parents fit to be around the children, they outline an arrangement that allows the child regular, meaningful periods of interaction with both parents.

Child support is paid by one parent when the placement arrangement dictates that the child spends less than 25% of their time, or 92 nights per year, with that parent. The amount of child support is set as a percentage of that parent’s income – 17% for one child. This is where high net worth couples’ experience may differ from others’. Those with higher income will pay a larger sum in child support as a result of this calculation, which is logical given that the child in question may have been used to a lifestyle commensurate with living with parents who make a higher income.

Child custody, placement, and child support are highly complex and each situation is unique. For questions, contact Attorney Odalo Ohiku today.

Prenuptial Agreements & High Net Worth Divorce

In general, it is more common for a high net worth couple to have a prenuptial agreement, as each party may bring more wealth and assets to the marriage and are interested in protecting those assets in the event of a divorce. As long as a court determines a prenuptial agreement to be valid, the arrangement set forth by this document may impact processes such as the payment of alimony and division of assets — major considerations for high net worth couples.

Division of Assets & High Net Worth Divorce

High net worth couples often have a complex portfolio of assets that will need to be distributed as part of the divorce process. Wisconsin is a marital property (or community property) state, meaning all income and assets procured during the course of a marriage are divided equally between spouses in the event of a divorce – with some caveats. However, that doesn’t mean each asset is easy to split down the middle, and high net worth couples are more likely to have more assets that are not easily split – like multiple homes, vehicles, businesses, or antiques. If the couple cannot agree on how their assets should be divided through a mediation or arbitration process, the court will have to intervene and the process can take a long time.

Divorce is always complex, and divorce between high net worth individuals is even more so. Attorney Odalo J. Ohiku is the greater Milwaukee divorce attorney more high net worth couples turn to. He also has expertise in mediation, arbitration, child custody and placement, and more. Call The Ohiku Law Office today with questions or to schedule your appointment.