By: Attorney Max Stephenson and Paralegal Ali Jaeger

Getting a divorce can be a complicated and overwhelming process, and it will require you to address numerous financial issues and practical concerns, while also dealing with conflict with your spouse and emotional issues related to the end of your marriage. However, if you and your spouse have a high net worth, things can become even more complex. Because the decisions made during the process of dividing marital property can have a huge impact on your finances both now and in the future, it is important to understand which assets will need to be addressed and the best approach to take to protect your financial interests.

Dividing Different Types of Valuable Assets

Gaining a full understanding of the value of the different assets you own can be difficult enough, but you will also need to determine how to divide these assets fairly while ensuring that you will have the financial resources you need in the future. As you proceed with your divorce, you may need to consider assets such as:

The choice to end a marriage is rarely easy. Even if a couple is in agreement about the divorce, and both spouses are willing to work together to split amicably, there are numerous issues that will need to be addressed during the divorce process. Some of the most complex issues will be related to the division of marital property, and in addition to determining how ownership of different assets will be addressed, a couple will need to understand how these decisions will impact them financially. Tax-related issues can have a significant impact on both parties' finances after the divorce is finalized. It is important to carefully consider all tax-related issues when negotiating a divorce settlement to ensure that future financial complications can be avoided. Some tax considerations that couples may need to address during divorce include:

Filing Status

Generally, married spouses who file their taxes jointly have lower tax rates than those who file separately. Because of this, it may be beneficial for a couple to continue to file taxes jointly while they are still legally married. A couple who finalized their divorce on or before December 31 of a given year cannot file a joint return for that year. However, if the couple is still legally married on December 31, they can file a joint return. This may result in savings for both parties. In these situations, it will be important for a couple to understand how any tax refund they receive will be divided or who will be responsible for paying any taxes that are owed.

Tax Deductions and Credits

For parents who are going through divorce, one of the most important decisions to be made relates to which parent will claim children as dependents for tax purposes. Only one parent may claim a child as a dependent, which will allow them to receive tax credits and reduce the amount of taxes they pay. In many cases, the custodial parent—the parent with whom the child resides for more than half of the year—will be able to claim the child as a dependent. However, parents may agree to other arrangements. If parents have multiple children, each parent may claim one child as a dependent. Parents may also agree to alternate claiming one or more children as dependents each year. Parents should also be aware of other child-related tax credits they can claim, such as credits for childcare expenses.

By: Attorney Megan Drury

Going through a divorce can be a difficult process for all members of a family. When your marriage has broken down, it may seem impossible to continue living in your home alongside your spouse. You may be ready to leave the situation and begin taking steps to move forward with your life. However, it is important to understand how moving out may affect the divorce process and how it may impact your rights and your financial situation. By understanding how Wisconsin's divorce laws apply in these situations, you can take the correct steps to protect yourself, avoid unexpected complications, and get through the divorce process successfully.

Can Either Spouse Be Required to Move During Divorce?

If you and your spouse are both currently living in your home, you will likely be able to continue to do so during the divorce process. As co-owners of the home, you will both have the right to maintain possession of the property. While there may be some situations where one party may believe that the other party should move out, the court usually will not force them to do so unless there are safety issues that would require these types of arrangements.

 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.

 By: 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.