Chicagoland Area Lawyers for Business Shareholders Pursuing Divorce
When any couple gets divorced, there are many issues that must be addressed, including concerns regarding marital property division, spousal support, and parenting arrangements for the couple’s children. These concerns can combine to make the divorce process quite challenging. At Botti Marinaccio, LTD., we realize that when one or both spouses in a divorce are business executives, corporate officers, or shareholders, the process of ending the marriage is often even more complicated.
Business owners and executives generally have more complex financial situations than the average person does, and a divorce must take such finances into account. If you are a corporate officer, a shareholder, or the spouse of such an individual and you are headed for a divorce, the experienced attorneys at our firm can help you navigate the process.
The Challenges of a Complex Divorce
During a divorce, corporate executives and shareholders may encounter a variety of issues regarding their compensation. These concerns might include but are not limited to:
- Deferred compensation. It is not uncommon for executives to reserve some of their compensation for a later date, often to be matched by their employer. Deferred compensation must be accounted for properly to ensure a fair division of marital assets.
- Stock options. When a spouse receives stock options during the marriage, such options are usually considered to be marital property. The value of these options, however, may be difficult to determine due to vesting and other considerations.
- Retirement investments. Depending on the circumstances, a business executive may have various retirement savings plans, including both qualified and non-qualified plans, as well as a company-paid pension. Some companies also set rules regarding mandatory or expected retirement dates, which must be accounted for in the divorce as well.
- Tax concerns. Many corporate officers fail to fully consider the tax implications of a divorce. For example, appreciated property might be subject to capital gains taxes while certain benefits are taxable as ordinary income when they are paid. Dependency exemptions should also be considered.
Helping Divorcing Executives In Illinois
At Botti Marinaccio, LTD., we have decades experience in the practice of divorce and family law. We have helped many corporate officers and shareholders manage the divorce process successfully, and we are prepared to help you do the same. Our attorneys understand the importance of working closely with financial advisers, business valuation experts, compensation specialists, forensic accountants, and other professionals whose input might be crucial in resolving your divorce.
With our background and our ability to communicate well, our team is equipped to help you negotiate a divorce settlement, even in the most complex cases. However, we also know that reaching a settlement is not always possible. Fortunately, we have a great deal of skill and experience inside the courtroom as well. You can depend on our firm to protect your rights and best interests throughout the entire divorce process.
Call 630-934-2192 For An Appointment
A divorce involving a corporate officer or a shareholder can be extremely complicated, but an experienced divorce attorney can help you make sense of the situation. Contact our office to schedule a confidential consultation and case review. Call 630-934-2192 and get the guidance you need.