Divorce is a complex and emotionally charged process for anyone, but for high-earning executives, CEOs, and corporate officers, the stakes are even higher.
Executive divorces involve unique financial and legal challenges, requiring an experienced executive divorce lawyer for asset division, executive compensation, business interests, and privacy concerns.
If you are an executive facing divorce in Northern Illinois, I can provide the strategic guidance you need to protect your financial future and personal interests.
Schedule a Free 30-Minute Consultation or Paid 90-Minute Consultation Today
With so much at stake, having the right legal counsel is critical. I offer a free 30-minute consultation to discuss your case and a comprehensive 90-minute paid consultation for a deeper analysis of your financial and legal concerns. Let’s develop a strategy to protect your wealth, business interests, and future. Call me today at 815-904-6246 or fill out my online contact form to schedule your consultation.
Why Executives Need an Experienced Divorce Attorney
High-level executives often have compensation structures that include stock options, deferred compensation, retirement accounts, short and long-term bonus structures, and other performance-based incentives. Unlike standard salary-based income, these assets require careful analysis to ensure fair division in a divorce. As an experienced executive divorce attorney, I help clients in Rockford and surrounding areas understand and protect their financial interests.
What Types of Challenges Do Executives Face When Divorcing in Illinois?
Divorces involving business executives can be exponentially more challenging, as they often involve:
Complex Compensation Packages – Executives receive compensation through multiple streams, including stock options, restricted stock units (RSUs), bonuses, and profit-sharing agreements. They may also have intricate financial portfolios, including deferred compensation plans, pensions, stock appreciation rights, and profit-sharing agreements. Unlike traditional assets, these financial instruments may not be immediately accessible or easy to divide.
- These assets to be valued correctly to ensure equitable division. In particular, many bonus structures may apply over a number of years, making valuation even more challenging.
- Business Ownership & Interests – Many executives have equity in their companies or hold positions that impact business valuation. A divorce attorney for corporate officers must ensure these assets are handled properly in the settlement.
- Privacy & Reputation Management – High-profile divorces can attract unwanted attention. I work to maintain confidentiality and resolve matters discreetly to the extent possible.
- Spousal Support & Lifestyle Considerations – A high-earning executive’s lifestyle and financial obligations will impact spousal support determinations, requiring careful negotiation.
- Tax Implications – Property division, stock transfers, and support payments can have significant tax consequences, making strategic planning essential to avoid unnecessary financial losses. I can work with tax advisors to ensure that tax issues are addressed as favorably as possible.
- Other Assets. Many high net-worth couples may also have other assets, like country club memberships, vacation properties, time-share vacation rentals, and other real estate.
What Property is a Marital Asset?
Understanding how these assets are categorized—whether they are considered marital or separate property—is crucial. In many cases, it may be unclear whether property is marital or separate property.
An initial issue then is working with clients to identify all property owned by a couple and assert how property should be classified based upon the facts and a client’s interests.
How Illinois Courts Handle Asset Division in Executive Divorces
Illinois follows an equitable distribution model, meaning marital assets are divided fairly, though not necessarily equally. In a divorce, courts consider the following when making asset and debt division:
- The length of the marriage
- Contributions of each spouse, including non-financial contributions (e.g., homemaking, child-rearing)
- Earning potential and career sacrifices made during the marriage
Ideally, the division of assets and debts (and other matters, such as child custody, parenting time, and child/spousal support) will be negotiated by the spouses instead of left to the discretion of a judge. As an executive divorce attorney with nearly three decades of experience, I work with financial experts to ensure accurate valuation and division of complex assets, advocating for solutions that protect my client’s long-term interests.
