Divorcing a millionaire in Las Vegas, Nevada, is not an easy feat. Due to all the assets involved in your marriage, it can be complex and burdensome. There is also the issue of executive compensation, which is something you have to keep in mind at all times.
What should you know if your spouse is a high-powered executive?
Executive compensation is something your spouse will have if they are an executive in a huge corporation. It is made up of financial compensation and non-financial benefits that are specifically meant to go to high-powered executives as an incentive to do what shareholders want. This compensation often involves stock options, and unfortunately, they cannot be used for a set period of time, which means that if you receive them in your divorce, you may be waiting upwards of five years to use them.
In addition to stock options, there are also restricted stock awards and units, which are even more common in a divorce with a millionaire. They are limited, which means they cannot be sold once an employee receives them. The shares must be vested before they can be sold. Often, restricted stock awards and units end up being wasted. If the employee leaves the company before the options vest, they end up forfeiting them and losing significant assets.
Division of these assets can be complex
A huge challenge in a divorce case involving a millionaire is the division of stock options. This can be difficult due to employers not allowing stock options or restricted stock and units to be transferred to other people. The employee spouse can hold the options in a trust so that the non-employee spouse can receive them. Tax consequences should also be detailed in the divorce agreement.
Getting assistance in your divorce case
An attorney may be able to help you if you have concerns that your spouse is hiding assets from you. Divorce attorneys know the inner workings of the law and might help you get you the fair share that you deserve.