DuPage County Divorce Attorney for Corporate Officers

Lawyers Assisting With Divorces Involving Business Executives and Shareholders in Cook County

Anyone who is planning to end their marriage through divorce is likely to be overwhelmed by the many legal, financial, and practical issues that must be addressed. However, things can become even more complex when a divorcing spouse is an executive, officer, or shareholder in a business or corporation. In these cases, there are a variety of financial issues that will need to be addressed, and representation by an experienced attorney is crucial for achieving success during the divorce process.

At Weiss-Kunz & Oliver, LLC, our lawyers have decades of experience representing clients in complex divorce cases. We understand the legal and financial issues involved in these cases, and we can work with you to protect your rights and help you achieve success when negotiating a divorce settlement. If a settlement cannot be reached, we are fully prepared to take your case to trial and advocate for your interests during divorce litigation.

Divorce Issues for Executives and Shareholders

Every divorce case will involve a variety of financial issues. In addition to determining how to divide marital property, the income earned by both spouses will need to be taken into consideration when calculating child support or determining whether spousal maintenance will be awarded. These matters can be complex for corporate officers or shareholders, since they will not only be likely to have a high net worth, but they may need to address issues such as:

• Bonuses and stock options - Executives may receive significant bonuses as part of their salary, but these bonuses may not always be paid out on a regular schedule. To ensure that all forms of income are considered during divorce, spouses will want to review the bonuses which have been paid in the past and the amount a person can expect to receive in the future. In addition, if a spouse receives bonuses or benefits in the form of stock options in the company, our attorneys can help you understand the current value of these assets and the amount they will be worth once they have fully vested.
• Retirement benefits and deferred compensation - While many employees are eligible for benefits such as retirement accounts or pensions, the benefits available to executives are often more complex, and they may include deferred compensation plans or supplemental executive retirement plans. Income that is deferred and benefits that may be received in the future should be considered during the divorce process when making decisions about asset division, child support, or alimony.
• Retained earnings and profits - When a spouse is a shareholder in a business, its profits and retained earnings may need to be addressed during the divorce process. In some cases, these earnings will be considered corporate assets rather than assets owned by the shareholder spouse. However, if the spouse retains control over whether to disburse these earnings or profits as bonuses or income, they may be considered as part of their income or as marital assets that will need to be divided during divorce.
• Tax considerations - Corporate officers may need to address capital gains taxes on stocks or other assets which are sold or transferred during divorce, as well as how taxes will apply to retirement accounts, bonuses, or other assets.
• Public scrutiny - Executives in large or well-known companies may be public figures, and they may need to take steps to maintain confidentiality and privacy during divorce proceedings. Even if a person's divorce does not make the news, they may need to address the situation with a company's board of directors and ensure that their divorce will not negatively affect the business. Our attorneys can help you understand your rights in these situations and work with you to minimize the potential impact your divorce will have on your company and your career.

Contact a Park Ridge High Net Worth Divorce Lawyer

If you are an officer, executive, or shareholder in the company where you work, you will want to make sure your divorce does not negatively affect your career. Likewise, if your spouse is a corporate executive, you will need to make sure all aspects of your family's finances are considered so that you can achieve a fair and equitable divorce settlement. The attorneys of Weiss-Kunz & Oliver, LLC can help you understand the financial and legal issues you will need to address in these cases, and we can help you achieve an outcome to your case that will protect your financial stability. Contact us at 312-605-4041 to arrange a consultation today. We represent clients in Chicago, Skokie, Elmhurst, Oak Brook, Park Ridge, Hinsdale, Burr Ridge, Lincolnwood, and throughout DuPage County and Cook County.