Chicago Divorce for Executives Lawyer
Business executives are often very successful, and many are unaware that they have family problems until it’s too late. But the truth is that executives divorce at high rates. One of the biggest culprits is time. Many CEOs spend their time at work, often neglecting their families. This may lead to resentment over household chores, with the other spouse having to do most of the work around the house. There may also be arguments about money and how it is spent.
Executive divorces are unique in nature. They involve executives ranging from self-employed presidents of companies to executive employees, officers, directors, or shareholders of large companies.
Divorces among CEOs are often very complicated due to the types of assets involved. A Chicago divorce for executives lawyer from Birnbaum Gelfman Sharma & Arnoux, LLC can advocate for your legal rights and help protect your earnings and assets.
Common Issues in a CEO Divorce
When a business executive divorces, they will have a different divorce experience than the average person. Some issues unique to a business executive include:
- Complex compensation plans. These may include pensions, bonuses, severance agreements, trade secrets, and stock holdings.
- Company perks. These include car and travel allowances as well as vacations.
- Deferred income. This includes deferred stock options and “golden parachutes” (guaranteed benefits if employment is terminated).
- Business valuations. These are needed for business partnerships and professional practices. They often require a forensic accountant to properly value the business.
- Hidden assets. Hiding assets in a divorce is illegal, but many people still do it. Hidden assets may include cash, traveler’s checks, stocks, bonds, mutual funds, insurance policies, and personal property, such as jewelry or vehicles.
Prenuptial and Postnuptial Agreements
In many cases, the terms of an executive divorce are governed by prenuptial and postnuptial agreements. Both are valid in Illinois as long as they are in writing and are voluntarily signed by both parties.
Prenuptial and postnuptial agreements are created to protect those with significant assets, which is why business owners and CEOs often have them before they get married or sometime after they get married. These legal documents can outline how property, such as businesses, pensions, financial accounts, and real estate, is to be divided in a divorce. They can also allow or not allow alimony. These agreements, however, cannot dictate child custody and child support, as those are state matters.
Contact Birnbaum Gelfman Sharma & Arnoux, LLC Today
Executives are often financially successful, but money isn’t everything. These high-powered CEOs often spend a lot of time away from their families, making divorce more likely. These divorces are often complicated due to complex compensation plans and other assets and benefits.
Whether you use mediation or litigation, Birnbaum Gelfman Sharma & Arnoux, LLC will work hard to get you a fair and equitable divorce. Schedule a consultation with a Chicago divorce for executives lawyer today. Call (312) 863-2800 or fill out the online form to get started.