Wisconsin divorces involving substantial assets can present unique challenges. This is especially true when it comes to determining child support.
Unlike standard divorces, where income is often the primary factor, high-asset divorces require a nuanced approach.
1. Complex income structures
Wisconsin is home to about 138,283 millionaire households. In high-asset divorces, parties often possess intricate income structures. For example, they may have investments, trusts and business ownership.
These complex portfolios can complicate the calculation of child support. Wisconsin courts must carefully evaluate all income sources. This establishes a fair and accurate child support arrangement that reflects the true financial capacity of both parents.
2. Children’s standard of living
Wisconsin family courts prioritize maintaining the children’s standard of living post-divorce. In high-asset cases, this involves considering the children’s lifestyle. The court may adjust child support calculations to ensure that children continue to enjoy a lifestyle in line with the financial resources of both parents.
3. Educational and extracurricular expenses
High-asset divorces often involve children attending prestigious schools or participating in expensive extracurricular activities. Child support calculations must include these costs to guarantee that children have the same educational and developmental opportunities they had before the divorce. The court may allocate funds for tuition, private lessons or other enriching activities.
4. Healthcare and insurance
Access to quality healthcare is important. In high-asset divorces, healthcare considerations may extend beyond basic coverage. Child support arrangements may include supplementary health insurance. This ensures comprehensive medical care and addresses any extraordinary health-related expenses.
5. Future financial planning
Wisconsin courts recognize that future financial planning is important. Child support orders may include college expenses. This approach aims to secure the financial stability of the children as they enter adulthood.
High-asset divorces in Wisconsin demand an examination of financial intricacies. This helps establish child support arrangements that reflect the family’s unique circumstances.