A divorce involving Illinois spouses with significant assets could involve complex negotiations for a fair settlement. Sometimes, one party might have substantial assets and a net worth more significant than the other. The one of lesser means may need to look closer at the other spouse’s executive compensation, as it could be lucrative.
Executive compensation
An executive with a company may earn more than their base salary. Overall, executive compensation might include perks, bonuses, and stock options. The latter could be lucrative as they refer to an executive’s ability to purchase stock at a set price that may be well below its eventual worth. Stock options come with a vesting period, meaning the executive may need to wait a specific number of years before exercising their option. A divorce might occur six months before the executive can exercise their purchase option and experience a windfall.
An executive’s spouse might not know the full scope of their partner’s net worth. So, it could be vital to determine how much the spouse earned through their executive compensation arrangement. The high-net-worth spouse might have assets in other accounts, such as cryptocurrency. Sometimes, one spouse may attempt to hide assets during a divorce. The other spouse could take steps to shed light on hidden assets to receive a fair settlement during the divorce.
Asset division and settlements
A thorough examination of all joint and individually held assets might be necessary to determine both spouses’ financial situations. Spouses who suspect their partners are attempting to hide assets may need to take additional steps to ensure a fair divorce settlement.
Other issues to consider during divorce proceedings would be alimony, child support and property division. One spouse may require more time to establish their post-marriage financial footing, and an equitable settlement could prove helpful.
