Wisconsin Divorce Lawyers Simplifying Complex Property Division
Asset and debt division, commonly referred to as “property division,” are two of the most important and complex aspects of a divorce. This is where the team at Nelson, Krueger & Millenbach, LLC, can provide their expertise in unraveling the complexity of property division. With physical offices in Milwaukee and Waukesha Counties, we are well-positioned to assist clients throughout Southeastern Wisconsin. Our divorce lawyers prioritize cooperative, effective dispute resolution whenever possible. However, we are prepared to represent you tenaciously in contested property disputes.
Property Division For High-Net-Worth Individuals
When high-net-worth couples get divorced, they can face some unique challenges. They must understand what legal steps to take to protect their assets and their rights. Examples include:
- Valuation of business interests: Spouses who own a business together may need to divide it, but even a spouse who is not on the ownership team may have a right to a percentage of the value. Engaging the right expert to value a business is key in a divorce case!
- Stock options and restricted stock units: These are sometimes given as compensation to an employee and need to be divided just like other earnings during the marriage.
- Executive compensation packages: These compensation packages can be very lucrative, especially for high-level executives, who may get stock options and retirement benefits to go along with their base salary.
- Multiple real estate properties: Couples with multiple properties may divide them, sell the properties and divide the earnings, or agree on co-ownership agreements post-divorce.
- Trusts and inheritance issues: An inheritance is often considered a separate asset, not subject to division in a divorce case, but there are exceptions—such as when it has been commingled during the marriage.
- Art collections and other valuable personal property/collections: It is critical to have an expert valuation completed by a professional appraiser to determine the true value of a collection, which could be vastly different than the purchase price.
If you are involved in a high-asset divorce, please consider the following answers to frequently asked questions about property division. Our firm is dedicated to helping you quickly find the answers you need.
How Do Marital Property Laws and Division of Assets Work?
Wisconsin is a marital property state. This means that upon marriage all property is considered marital property and divisible by the court at the time of divorce. In a Wisconsin divorce, spouses typically divide both their assets and debts equally. However, certain factors like prenuptial agreements can affect this division. Prenuptial agreements can outline specific terms for property division, providing clarity and reducing conflict.
In some cases, the duration of the marriage can impact property division when the court considers assets brought into the marriage. This is most often true when the marriage was very short—perhaps the couple divorced after just a year or so. The court may determine that it is not reasonable to divide assets equally in such cases if the marriage is short and one party brought assets into the marriage.
The courts may also exclude inheritance or gifts from third parties when dividing the marital estate. It is important to disclose such assets when discussion property division so that an argument can be made that these assets should be excluded.
Our Wisconsin marital property division attorneys will help you understand how these laws apply to your situation and work to ensure a fair asset distribution arrangement, whether you have simple or complex property to divide.
Experience Dividing Wisconsin Real Estate In Divorces
Dividing real estate in a divorce can seem immensely complicated. Common examples of real properties frequently subjected to property division disputes include:
- The marital home
- Cabins
- Rental homes or business properties
- Vacation properties
There are various options for dividing real estate. One option is to sell the property and divide the proceeds. Another is for one spouse to buy out the other’s share. In some cases, couples may choose to co-own the property temporarily or even post-divorce. Our divorce attorneys will guide you through these options and help you decide what is best for your situation.
Contact A Property Division Lawyer About A Consultation
At Nelson, Krueger & Millenbach, LLC, we are dedicated to helping you navigate property division with ease and confidence. Our Wisconsin marital property division lawyers are here to protect your rights and ensure a fair outcome. Contact us today in Milwaukee at 414-939-0529, call us in Waukesha at 262-307-2775 or send us an email to schedule a consultation.