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Since corporate executives do not receive financial compensation strictly in the form of a paycheck, it is vital that you ascertain the true value of your spouse’s income for a fair property divorce. This is something that really should be done prior to a period of separation where financial support is granted. Once you define your spouse’s income as the paycheck only, it can be more difficult to redefine it later.
Stocks and benefits packages coupled with bonuses and incentive plans can make a huge difference in the income figure and the property divorce settlement. Tallying up perquisites and the possibility of equity based plans can be difficult without your spouse’s cooperation. Many spouses have been encouraged to inquire about the total compensation package when the probability of a separation and divorce becomes apparent.
In most cases, a clear property divorce settlement that is fair and reasonable will not happen without filing and subpoenaing your spouse’s official benefits and salary compensation package directly from the Fortune 500 Company he or she works for. This is always an interesting affair when the spouse is also an executive, as he or she then has access to the company’s directives regarding salary compensation.
By hiring a financial expert as part of your divorce team, you can have your spouse’s historical compensation analyzed in order to help determine the potential for future earnings and compensation packages. This would enable your lawyer to make a case for attaching a claim to future earnings as well, especially if it appears that your spouse’s compensation has gone up annually. Attaching a future claim to future earnings is not all that difficult when your spouse holds a variety of different methods of compensation. The most important factor in the process is making sure you have a clear understanding of how much the entire package equals.
Property divorce and corporate executive issues are commonly settled for less than equal value. Rushing through the process is part of the reason that equality is not shared. Letting a spouse intimidate you into hurrying through the process or stating a paycheck based salary during the separation is only hurting your case. Taking the time to allow a full discovery to take place can mean the difference in a significant sum of money that you are entitled to. The right team and the appropriate amount of patience will result in a much fairer property divorce.
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