Corporate Officer and Shareholders Divorce in Illinois
When a divorce occurs, one of the most important issues that needs to be sorted out is the division of property and assets. This includes property owned by the couple as well as investments and other assets like businesses and stocks. When business executives, corporate offices, and shareholders are involved in a divorce, the process of dividing these assets is much more complex.
The finances of a shareholder, business owner, or executive are more complicated than that of most people. The financial situation must be taken into account during a divorce and the situation can get messy without an experienced attorney to help navigate the issue. Our divorce attorneys at Barber Law Offices can help corporate officers and shareholders with their divorce in Schaumburg, IL, and the surrounding areas. We have experience navigating complex finances in divorce proceedings and we will work towards a favorable solution.
Navigating Complex Divorce for Corporate Officers and Shareholders
The division of assets in a divorce involving a corporate executive, business owner, or shareholder can lead to several issues that complicate the process. It is important to expect to deal with the following issues during the divorce:
- Deferred compensation: Deferred compensation is a common practice among executives in which some of their compensation is deferred and collected later, and this amount is typically matched by the employer. Any deferred compensation must be included in the division of assets.
- Stock options: Stock options that are obtained during a marriage are counted as marital property. However, vesting and other considerations can make it difficult to determine the value of stock options.
- Retirement investments: Business executives may have multiple retirement accounts including company paid pensions and both qualified and non-qualified accounts. All retirement accounts must be considered in a divorce.
- Tax concerns: There are certain tax implications that must be considered in a divorce. This includes appreciated property that may be subject to capital gains taxes and other benefits that are considered taxable income when received.
Each of these issues can have multiple layers of complexities and it is likely that you will have to navigate more than one of these issues in the divorce proceedings. This is why it is beneficial to work with an experienced attorney.
Call Barber Law Offices for Divorce Attorneys in Schaumburg, IL
Our attorneys are experienced in dealing with complex financial matters in a divorce. Whether you are a business owner, corporate officer, or shareholder, we will make sure to consider everything that must be involved with the divorce and navigate the more complex financial situations to arrive at a solution. We may also work with outside specialists including business valuation experts, financial advisers, forensic accountants, and more to ensure accuracy.
After uncovering all the necessary information regarding your financial situation, we will help you negotiate an agreement for the division of assets. If an agreement cannot be reached, our attorneys are prepared to take the matter to court and present your case. We will always protect your rights as we navigate the situation and work in your best interests.
If you are a corporate officer, business owner, or shareholder involved in a divorce in Schaumburg, IL, Allen Gabe at Barber Law Offices LLC can help. You can call us at 847-303-9780 to set up a free initial consultation.
Related Legal Services:
Family Lawyers Illinois
Divorce Lawyers Palatine, IL
Divorce Lawyers Hoffman Estates, IL
Divorce Lawyers Arlington Heights, IL
Divorce Lawyers Barrington, IL
Divorce Lawyers Bartlett, IL
Divorce Lawyers Barrington Hills, IL
High Asset Divorces in Illinois
Tips for Couples Over 50 Going Through Divorce
How to Plan for a Divorce
Related Blogs
Each year, thousands of Americans make the difficult decision to end their marriage with a divorce. The divorce process can be very difficult, both financially and emotionally, especially if the process drags out in the courts. Spouses who are on good terms and want an amicable divorce can choose to file for a no-fault divorce,…
Children must be supported by their parents, whether the parents are divorced, separated, or unmarried. In order to allow each child to be adequately supported by parents, states enforce certain laws applicable to child support. What is Child Support? Child support goes beyond covering the basics, such as food, clothing and shelter. Rather, the financial…
The dissolution of a marital union is an emotionally challenging process. But when a marriage cannot be saved, divorce is inevitable. The divorce process starts by filling out multiple forms, one of which includes the petition for divorce. Divorce may proceed if the spouse opts to ignore the petition. Fault-Based Divorces When contemplating divorce, it…
In Illinois, the process of obtaining a divorce typically ranges from a minimum of six months to a maximum of two years. However, the exact duration varies based on numerous factors, including whether the divorce is contested or uncontested, the complexity of financial matters, and the workload of the local court system. Understanding the legal…
In any divorce case, there are several methods and resources you can employ to gather evidence showing that you possess good character. For a parent, using a character witness is especially beneficial when it comes to proving their ability to care for a child. Choosing reliable character witnesses is a challenging task, especially if you…
LATEST REVIEWS