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Milwaukee, WI 53202
Gimbel, Reilly, Guerin & Brown, LLP

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Milwaukee, WI divorce business valuation attorneyIf you are a business owner going through a divorce, it is critical that you understand the laws surrounding community property and asset division and how they relate to your company. For many people, a business is considered community property, which means that both spouses own the business under Wisconsin law. This is true even if only one spouse is involved in the business.

If a business will be classified as community property, it must be properly valued so that business assets can be divided during divorce. It is possible that the spouse who is more involved with the business will retain ownership, and the other spouse will receive different marital assets of an equal value.

The Business Valuation Process

The most common way for a business valuation to occur is to hire a forensic accountant to review business records and other material. Information that will be reviewed  includes:

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Milwaukee WI divorce child custody attorneyThere are numerous child custody concerns that need to be addressed as part of divorce proceedings. The resolution of these issues can have a huge influence on your children for years to come, so it is important to understand what a typical child custody proceeding entails.

Types of Custody

In Wisconsin, there are two types of custody, and both types must be negotiated or litigated during a divorce case. The first type is called legal custody, which refers to the right of a parent to decide major life decisions for their child. These determinations include where a child will go to school and attend church, as well as decisions about medical care issues. In many cases, a court will allow both parents to have a say in these decisions.

The second type of custody in Wisconsin is physical placement, which refers to where a child lives. This type of custody could be sole or joint. Even if one parent has sole custody, the other parent may have visitation rights as well as legal custody rights.

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Milwaukee WI parent child relocation attorneyIf you are a divorced parent, moving will likely be more complicated than finding a new home and packing up a moving van. That is because there are certain laws that apply when a divorced parent wants to move with their children to a new location.

In Wisconsin, the parental relocation laws were updated in April 2018. The new law provides that if both parents are granted any period of physical placement with a child, and one parent seeks to move with the child at least 100 miles away from the other parent, then the relocating parent must request permission for the move with the court.

The request to the court must include the following information: 

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Wisconsin high asset divorce attorneyProperty division is a component of any divorce, and in a high net worth divorce, this issue can be complex and hotly contested. Such divorces may require the assistance of forensic accountants to review voluminous financial documents and tax specialists to determine the tax costs and implications of dividing or transferring ownership of property.

Dividing Large and Complex Assets

It is usually accepted that a high net worth divorce involves liquid assets totaling more than $1 million. Those who fit this description often have a variety of businesses and accounts that have been created in order to take advantage of tax laws as well as to diversify assets.

In all cases of asset division, an attorney will first seek to identify what property is part of the marital estate. In Wisconsin, any property acquired or income earned by either spouse during the marriage is considered community property. 

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Milwaukee, WI child support divorce attorneyDetermining child support is an important component of the divorce process for couples who have children. Child support is seen by the courts as a way to protect children from the economic instability that could come from divorce.

Child support should be used to meet all of the child’s needs, such as housing, food, transportation, and medical care. It should also be used for items that may not be necessities but are things that the child became accustomed to during the marriage, such as camps and extracurricular activities.

If you are in a situation in which one parent has the children less than 25 percent of the overnight stays each year, then that parent will be the paying parent, and his or her income will be used. Child support will be calculated based on the following percentages of the paying parent’s gross income:

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Posted on in Divorce

Milwaukee, WI divorce decree modification attorneyAs the saying goes, the only thing that is constant is change. While your initial divorce decree may have worked for you and your family at the time, these orders may need to be updated throughout the years, and it is important for divorced spouses to understand the processes that must be followed when making post-divorce modifications.

People may seek changes to child custody, child support, and spousal maintenance orders. Circumstances leading to a change in child custody orders include:

  • Parent relocation
  • A parent re-marrying and/or the addition of half-siblings or step-siblings
  • Changes in children’s schools
  • Changes in children’s extracurricular activities
  • The emergence of a child’s medical condition

Alimony and child support modifications may be granted if there has been a change in the payor’s income. Child support modifications may also be granted if the child requires more or less support or if changes to child custody arrangements have increased or decreased the amount of time a child spends with a parent. 

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Milwaukee alimony and divorce lawyerDivorce is common in the United States, and every day, people choose to end their marriages for a variety of reasons. However, many people choose to say married for financial reasons. When two people have merged their lives, one spouse may become financially dependent on the other, and in these cases, the dependent person may believe that he or she has no option other than to stay in the marriage despite wanting a divorce.

In this scenario, Wisconsin courts will entertain a request for spousal maintenance, which is commonly referred to as alimony. A spouse may seek spousal maintenance regardless of how the marriage ended.

It is important to keep in mind the purpose of alimony. Spousal maintenance is not meant to punish a party. Rather, it is meant to support one spouse and allow them to maintain the standard of living they were accustomed to during the marriage. 

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Milwaukee family law firm, prenuptial agreement, premarital agreement, legal separation, divorceGetting married can be a complicated, overwhelming process. As couples plan their wedding, they have several requirements that must must be met. Along with finalizing the guest list, putting down a deposit on the venue, and hiring a photographer, one item that appears on more and more wedding checklists is “Sign the prenup.”

Planning for a divorce before a wedding takes place may seem to be in poor taste, but the fact remains that nearly half of all marriages end in divorce. Therefore, you may want to ensure you are protected in the event your relationship breaks down in the future. However, before you sign a prenuptial agreement, make sure that the agreement fits your needs.

When a Prenuptial Agreement is a Good Idea

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weddingQuestion: I am going to be getting married this fall. I currently own my own home as well as a rental property. Will I still be considered the "sole" owner of these properties once I get married?

This is a question that we hear a lot, unfortunately, sometimes it is after you've said "I Do." Before we go into too much detail, it is imperative to point out that upon marriage; all property is considered marital property regardless of how the asset is titled. If you wish to maintain any property as individually owned after you are married, you must enter into a comprehensive marital property agreement that delineates ownership of your assets under a variety of circumstances.

The Marital Property Actrecognizes that it takes both spouses to support a marriage, regardless of whether or not they are both earning a salary (or equal salaries). In general, the law states that whatever assets are brought to the marriage by both spouses and acquired during a marriage belongs, equally, to both spouses. This includes the debts of both spouses.

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Posted on in Divorce

DivorceWhat is the difference between a divorce and a legal separation?

In essence, a divorce is a legal end to a marriage contract, while a legal separation involves many of the same legal proceedings as divorce, however, the two parties involved are not divorced at the end of the proceedings and are prohibited to re-marry another person. In both actions the court will order the division of marital property, decide maintenance (alimony) issues and issues involving children such as custody, placement (visitation) and child support.

A legal separation is granted by the courts when the marital relationship is deemed broken. Many people choose legal separation because of personal or religious beliefs that do not allow divorce. In cases where one person is not in favor of the divorce, the court will determine whether a judgment of legal separation or a judgment of divorce is granted.

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