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milwaukee divorce lawyer By: Attorney Megan Drury and Paralegal Ali Jaeger

Going through a divorce is one of the most difficult experiences that anyone can endure. There are a variety of issues that will need to be addressed by divorcing spouses, and conflicts can often arise as a couple determines how to handle ownership of their marital property. Dividing assets is rarely easy, but it can become even more complex when one or both spouses own a business. There are several different approaches to splitting up business interests between divorcing spouses, and with the help of an experienced divorce attorney, a spouse can understand their options and make an informed decision about the best way to proceed.

Valuing the Business Interests

The first step in deciding how to divide business interests in a divorce is to determine their value. To do this, spouses may need to hire a professional appraiser who specializes in business valuation. The appraiser will look at everything from total assets and liabilities to cash flow and financial documents such as contracts, customer lists, inventory, etc. This will help them come up with an accurate valuation of business interests. Depending on the size of the business and the complexity of its finances, this process could take anywhere from several weeks to several months. Once the appraisal is complete, spouses can begin discussing division options.

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 milwaukee divorce lawyerBy: Attorney Megan Drury

If you are getting a divorce in Wisconsin, it is essential to understand the procedures that will be followed during your case. One issue that you may need to address during the divorce process involves stipulations, which may put temporary orders in place that will determine how certain issues will be handled as you work to dissolve your marriage. By understanding the role that stipulations can play in your divorce and working with an experienced family law attorney, you can make sure you will be able to complete the divorce process successfully.

What Are Stipulations? 

In a legal context, stipulations are agreements made between the parties involved in a case. As you proceed with the divorce process, you may reach agreements with your spouse on how certain issues will be handled, and you can then file a stipulation in court asking the judge in your case to approve these agreements and put temporary orders in place. These temporary orders may remain in effect until your divorce is finalized, or they can be modified when necessary. While the issues addressed in stipulations will not necessarily be the final decisions made about divorce-related issues, they can often serve as a framework for the terms of a divorce settlement, and agreements between you and your spouses may become permanent once your divorce decree is issued.

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b2ap3_thumbnail_MeganDrury.jpgBy: Attorney Megan Drury

Going through a divorce is difficult enough, but when you suspect your spouse of hiding assets, it can make the process even more complicated and frustrating. Your marital property, which includes all assets and debts that you have acquired during your marriage, should be divided fairly between both parties. Unfortunately, there are many divorce cases where spouses try to unfairly influence the property division process by concealing money or other valuable assets. Here are five common ways spouses may try to hide assets during divorce, as well as some tips on how to uncover these issues:

1. Hiding Money in Offshore Accounts 

One of the most common—and difficult to track—ways people hide assets during a divorce is by transferring funds to overseas accounts. Since these accounts are outside the jurisdiction of the United States, you may be unable to determine their balances, or even whether they exist at all. However, with the help of a forensic accountant or other financial experts, you may be able to uncover improper transfers to these accounts from sole or joint domestic accounts, and your attorney can make sure these issues are addressed correctly during the divorce process.

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b2ap3_thumbnail_MeganDrury.jpgBy: Attorney Megan Drury and Paralegal Ali Jaeger

After going through a divorce, the lives of parents and children are likely to change. As new opportunities arise, new relationships are formed, and adjustments are made based on a person's goals, the time may come for a parent to consider moving to a new home. In some cases, these types of moves may be relatively minor, and they may involve a simple relocation to a different neighborhood or a nearby city. However, when a move is major, and a parent plans to move a significant distance away or outside the state of Wisconsin, the state's parental relocation laws may come into play. In these situations, the parent who is moving and the other parent will both need to understand the procedures that will be followed and the legal requirements they will need to meet when requesting or objecting to a move.

Parental Relocation Out of the State of Wisconsin

The relevant Wisconsin statute on parental relocation is Wis. Stat. 767.481, which provides that in situations where a child spends any periods of physical placement with divorced or separated parents, a parent may not move with their child more than 100 miles from the location where the other parent lives without requesting permission from the court. However, if parents already live more than 100 miles apart from each other, a parent will generally be allowed to move, as long as they provide the other parent with written notice 60 days before the move is expected to take place.

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b2ap3_thumbnail_MeganDrury.jpgBy:  Attorney Megan Drury and Paralegal Ali Jaeger

Anyone going through a divorce will need to address multiple issues related to their finances and the property they own. When dividing marital property, a couple will need to consider all of the assets and debts they acquired during their marriage. One of the most important of these assets is the couple’s marital home. Real estate can be a significant investment, and each spouse will want to make sure they receive an equitable share of their home’s equity. The home will likely have sentimental value for both parties as well, and resolving disputes about ownership of the home can sometimes be difficult. 

Property Division Options Related to the Marital Home

In many cases, it will be necessary to perform an appraisal of a couple’s home during the divorce process. This will establish the current market value of the home, and a couple can determine the value of the equity they own based on the mortgage payments that have been made during their marriage and the amount remaining on the loan. This may also provide them with an understanding of the purchase price they will most likely be able to receive if they choose to sell the home.

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