Fox Point, WI High Net Worth Divorce Lawyers
Fox Point WI High Net Worth Divorce Attorneys
Dividing property in any divorce is a complex and often contentious issue, but when assets exceed a certain dollar amount, the process becomes even more convoluted. At the law office of MacGillis Wiemer, LLC, our divorce attorneys specialize in high net worth divorces. We are dedicated to helping couples who have acquired significant assets either before or during the union reach a fair and reasonable settlement agreement that effectively protects both parties’ rights to property. If you are about to embark on a high-asset divorce, contact our seasoned Fox Point divorce lawyers today to discuss how we can help you tackle even the most complex financial situations and provide you with the support and experience you need to begin the next chapter of your life.
Wisconsin in a Community Property State
Wisconsin is one of nine states in the union that abides by community property laws. Under community property laws, the assets and liabilities obtained during a marriage, or that were used for the benefit of the marriage, are subject to 50/50 property division. This is the case no matter how much or how little one contributed to the union financially.
Parties are given the opportunity to reach an agreement on their own via divorce mediation. Mediation is ideal in that it allows couples to maintain control over sensitive issues such as property division. However, if the couple cannot reach a settlement in mediation, they will be forced to take their case before a judge, who will divvy up assets in a methodical manner. In a divorce involving high-net worth, the assets being divided are often complex and may include the following:
- Real estate;
- Partnerships and business holdings;
- Pensions, retirement accounts, and military benefits;
- Stocks, securities, and other investments;
- Fine art, antiques, and collectibles;
- Intellectual property such as patents, copyrights, and trademarks; and
- Deferred income.
Many of these assets, such as pensions that have yet to mature or stocks whose value has yet to be recognized, are difficult, if not impossible, to divvy up fairly. However, when forced to partition such assets, the judge will take into consideration factors such as each spouses’ need, children’s needs, and tax implications.
Staunch Support and Creative Guidance to a Fair and Favorable Resolution
When it comes to high asset divorce cases, it is not uncommon for parties to disagree on most, if not all, terms of a proposed settlement. The higher earning spouse may argue that he or she is entitled to a majority of assets, as the couple’s shared lifestyle was only possible because of him or her. The other party may argue that the other spouse was able to work as much or he or she did only because the one party took care of matters on the home front. Neither party would be wrong (hence the community property laws), but that does not mean that either party would be any more willing to see the other’s side.
In addition to dealing with the argument of who deserves what, parties of a high asset divorce are often forced to contend with hidden assets, the validity of a pre-nuptial agreements, and entitlement issues (for instance, can one spouse be entitled to the other’s inheritance or healthcare practice?). An experienced and knowledgeable high asset divorce lawyer is familiar with these issues and has the skills necessary to resolve them in the fairest way possible. We put our resources to work for you and employ the help of investigators, forensic accountants, appraisers, and other experts who can help identify, locate, and value assets for the sake of division.
Let a Fox Point High Net Worth Divorce Lawyer Help Resolve Your Complex Divorce
When a significant amount of property is at stake, an already emotionally-charged process can become even more so. Our Fox Point high net worth divorce lawyers at the law office of MacGillis Wiemer, LLC, are prepared to provide the scrupulous representation you need to resolve your divorce in a cost-effective way and, moreover, to protect your rights to property and assets throughout the entire process. For the support you need and deserve, contact our law office today.