Celebrity NASCAR driver Danica Patrick recently announced on Facebook that she was divorcing her husband of seven years. While she said in her announcement that the split was amicable, Patrick -- the most successful woman in American racing history -- could still potentially face many of the challenges typical of a high asset divorce.One issue frequently arising in high asset divorces is whether one spouse should be awarded spousal maintenance -- generally known as alimony -- from the other. Spousal support is designed to provide a non-working or under-employed spouse with assistance until that person becomes self-supporting. It often is a hotly contested issue in divorces, especially if one spouse earns a significant income. In Wisconsin, there are no set black and white rules to determine if, when, or how much spousal maintenance will be awarded. Courts will examine a number of factors when coming to a decision.
Keeping your small business intact when your marriage dissolves
When Milwaukee couples come to a mutual decision to divorce, they might also expect to be able to reach negotiations regarding child custody and property settlements with little interference from a third party. However, when complex issues and high assets are at the center of discussion, negotiations often become very complicated.
The economy and timing affect financial goals in divorce
One of the primary steps in divorce negotiation is marital property division, and one of the main assets that typically needs to be divided is the marital home. If you have to sell your house during a divorce, the real estate market will determine whether you make or lose money by selling. During a down real estate market, like the one we've been seeing in Milwaukee, you could lose most of the equity you have built in the house. To avoid all of this, one party can keep the house and the other can take other assets in exchange for the value of the equity.
Credit Suisse chief executive pegged with bloated interest bill
In a high asset divorce, the financial stakes are enormous and a few words in a settlement agreement can have a large impact. Recently, news broke that a forgetful moment coupled with a few words in a settlement agreement will cost Credit Suisse's chief executive more than $750,000.
Mel Gibson and wife reach deal to end two-year divorce case
Over the course of his 28-year marriage, Mel Gibson has accumulated a significant amount of assets. In addition to his wildly successful acting career, Gibson has also pioneered several successful projects as a director. He won a pair of Oscars for his famed 1995 film Braveheart, in which he both starred and directed.
Baby boomer divorce rates are climbing
A recent study completed by the National Center for Family and Marriage Research shows that divorce rates are climbing up among the baby boom generation in Wisconsin and across the nation.
Don't lose everything when divorcing after 50
Divorce later in life is becoming more and more common. As Baby Boomers in Wisconsin are nearing retirement, many are finding that divorce is an unplanned part of their golden years. In fact, the divorce rate for people over the age of 50 has doubled, according to the National Center for Family and Marriage Research at Bowling Green State University.
Husband solves a community property puzzle
The Wheel of Fortune spun and a divorced husband and wife are going to share the prize. Scott Dole will need to share the $51,600 jackpot he won on the popular game show with his ex-wife Carrie Dole.
Jamie McCourt would like to force sale of Dodgers
Jamie McCourt is requesting an immediate sale of the Dodgers to avoid a takeover by Major League Baseball. During a divorce with the team's owner, Frank McCourt, the Jamie was fired, and she now claims that the team is severely mismanaged. Jamie petitioned Superior Court Judge Scott Gordon to order an immediate sale in hopes of obtaining the maximum amount of value for the franchise.
Couple who divided house with makeshift wall officially divorced
Marital property division can be one of the most complex issues in a divorce. Property division can be especially complex when the spouses have been married a long time and have accumulated substantial assets together. A recent high assets divorce provides a rather stark example of how difficult dividing property can be.
