What happens if your spouse earned income during your marriage which is still unpaid such as commissions, bonuses, deferred compensation or Restricted Stock Units (RSUs)? How are these assets valued and accounted for during a Louisville or Jefferson County divorce?
Are you married to a high wage earner or licensed professional? Is your former spouse an artist, in a creative or high tech field?
We all hear about famous people and wealthy business owners who go through a divorce and the numbers are astronomical. The stories of hidden lottery winnings and inheritances catch our attention.
There are many examples of cases such as these which have a direct impact on all of us. For example, consider an author who completes two manuscripts during the marriage but has not yet signed a publishing deal. Perhaps your former spouse is an executive or business owner with deferred compensation, a pending patent or company stock. A more common example might be commissions and bonuses.
It might be months or even years before the income, which was earned during the term of your marriage, is actually realized.
If your spouse earned income during your marriage or created an opportunity to do so in the future during the course of your marriage you need to consult with our divorce and family law attorneys.
There are many forms of deferred compensation which divorcing spouses do not consider when considering a divorce. These include but are not limited to:
- Retirement accounts, pensions and Individual Retirement Accounts (IRAs)
- Workers Compensation or Social Security Benefits
- Stock Options, RSUs and Keough (HR-10) Plans
- Profit Sharing Plans
- Accumulated Sick Leave or Vacation Pay
- Bonuses or Commissions
There are many ways to disguise or defer income. High wage earners, licensed professionals, medical practitioners and business owners often consider ways to disguise or defer income if they know a divorce is coming.
This process is legally quite complex. The assets must be found or identified, valued and accounted for during property distribution.
Has your spouse earned income during your marriage which is still unpaid or created the opportunity for future income?
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
