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Do Not Neglect These 5 Asset Classes in Your Wisconsin Divorce

Posted on in Family Law

Waukesha, WI High Net Worth Divorce AttorneysOver the course of a marriage, a couple can accumulate a vast array of assets as they build their marital net worth. During a divorce, every one of these marital assets must be divided, a process that can involve extensive valuation, negotiation, and investigation. It is essential to take the time to pursue the asset division process with the requisite care; failing to do so can result in an unfair division that can have long-term consequences on your financial future. Here are five asset classes to be sure to include in your asset division. 

Business Assets

Businesses can provide an easy way to disguise assets and income for a spouse who is trying to hide money during a divorce. It is essential to carefully account for business assets, especially if one or both spouses want to maintain ownership of a portion of the business after the divorce. Valuating the business itself will be an important part of this process, as will keeping track of employees, accounts receivable, and tax filings. 

Bank Accounts

High net worth couples often have many bank accounts, including some that may be held in different states or countries. It is important to ensure that all accounts are included and that any recent suspicious withdrawals or expenditures are looked into fully. 

Real Estate

Real estate can be a complex part of divorce as a couple decides how they want to split, trade, or sell their property. Spouses with children often want one partner to maintain full ownership of a home so the children do not have to move, but taking on the expense of a household may not be a wise move. 

Retirement Benefits, Bonuses, and Stock Options

If an asset was earned during a marriage, then it is considered the property of both spouses and must be divided in a divorce. This is true even if the asset is not accessible for many years. While there are instruments such as Qualified Domestic Relations Orders for managing retirement benefits, things like bonuses and stock options can be very difficult to analyze for the purposes of allocating the fair share to each spouse. 

Collectibles and Other Valuable Assets

Couples and individuals commonly use collectibles, jewelry, cars, or other valuable items to expand their portfolios and enhance their quality of life. These items may have been given as gifts from one spouse to the other, and it can be challenging to determine which items are marital property and which are not. Those items that are marital property must be appraised and divided as well. 

Meet with a Brookfield, WI Asset Division Lawyer

Dividing marital property can be a complex endeavor, especially in a divorce involving high net worth assets. Make sure you get the full share of assets to which you are entitled by working with an experienced, assertive Waukesha County asset division attorney with Wolff & Sonderhouse, LLP. We will work hard to examine the options available to you and help you create a settlement that works to your advantage now and in the future. Call us now at 262-232-6699 to schedule a free case review. 

Source: 

https://docs.legis.wisconsin.gov/statutes/statutes/767/vii/61

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