Even a relatively amicable divorce is never completely free of contention, but conflict is often exacerbated when valuable assets and considerable sums of money are at stake. High-income couples in Wisconsin face unique hurdles that require careful planning and expert guidance.
Understanding these challenges and preparing appropriately can help wealthy couples get through the process of negotiating asset division, spousal support, and custody arrangements as smoothly as possible.
Understanding the Complexities of Asset Division
For couples with an extensive variety of valuable assets, property division can be particularly intricate. Wisconsin follows the community property model, which generally means that marital property is divided equally. However, Wisconsin law allows for exceptions based on certain factors, such as the length of the marriage, the property brought to the marriage by each party, and each party’s contribution to the marriage.
High-income couples often have complex assets, including business interests, investment portfolios, and real estate, which require detailed valuations and considerations beyond the typical marital property. Engaging financial experts and legal professionals early in the process can help ensure accurate appraisals and equitable division of assets – and can help you to identify if your spouse is purposefully concealing or divesting themselves of assets in anticipation of the divorce.
Preparing for Spousal Support and Lifestyle Considerations
Another significant concern for many couples is the determination of spousal support. The standard of living established during the marriage is a critical factor in setting maintenance payments. The court considers the needs of the recipient spouse and the ability of the other spouse to provide support. High-income divorces often involve substantial spousal support obligations, requiring careful negotiation to balance fairness and financial sustainability.
To mitigate potential disputes, high-income couples should consider creating prenuptial or postnuptial agreements that outline spousal support arrangements. These agreements can provide clarity and reduce uncertainty during divorce proceedings.
High-income couples in Wisconsin can face distinct challenges during divorce, but with proper planning and expert legal guidance, these challenges can be managed effectively. By understanding the complexities of asset division, preparing for lifestyle changes, and leveraging the expertise of a seasoned attorney, you can work with your spouse towards a smoother, more efficient divorce process.
