Asset division can be a complicated part of any divorce process, but when the couple’s assets include business income or other nontraditional forms of income, ensuring you understand your rights and options is even more important.
In situations involving high-level business executives or those who are self-employed, it’s common for the spouse not to necessarily be aware of the entirety of the income that is being brought in or all of the benefits the company provides. One of the first steps in any high-asset divorce is to work with your attorney to ensure that the marital assets are fully disclosed and everyone understands each other’s income and compensation.
It’s important to understand that income often goes beyond the standard salary in these cases. If you or your spouse is receiving extra compensation in the form of annual bonuses, performance-based incentives, stock options, a profit-sharing plan, or even things like a company car and housing allowance, it may be possible for these to be included in the calculations for alimony, child support and asset division.
At the law offices of Kathy D. Sheive, we work with many different aspects of the property division process on a daily basis and can help you make sense of your spouse’s income and what this means for you. We use our resources to uncover hidden assets, verify that income statements are complete and correct and that your rights are protected every step of the way. Divorce is never an easy process, but working with a family law attorney can help take some of the stress off of you.