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What you need to know about divorcing a millionaire

On Behalf of | Jul 15, 2021 | Divorce

Divorce is hard, and it can be more difficult when someone is trying to end his or her marriage to a millionaire in Alabama. There are a lot of assets to distribute, and this can get rather complicated. If you are in the process of divorcing a millionaire, here’s what you need to know.

Division of stocks

This part of a divorce can be challenging. Stocks usually aren’t transferable if the employer is the one that offered them. Because of this, the spouse who isn’t the employee often has to try to figure out how he or she can receive some of these stocks or compensation during a divorce. A lawyer is especially beneficial as he or she can help a divorcing couple figure out a settlement agreement that is fair for both parties involved.

Incentive compensation

Many millionaires do get incentive compensation from the companies that they work for. Unfortunately, a lot of incentive compensation plans aren’t paid out on the employee’s paycheck. What this means is that they aren’t claimed on an individual’s tax return, and the nonemployee spouse usually has a difficult time proving that the employed spouse has received this type of compensation. Fortunately, many divorce attorneys have experience with this, and they may be able to find and prove that the employee got some form of incentive compensation.

If you are divorcing a millionaire, there are a lot of things that are more complicated because of all the division of all the assets. Fortunately, an experienced lawyer is a valuable asset as he or she often can help his or her clients fairly split all these assets so that his or her clients get what they’re entitled to.