Challenges for Business Executives During Divorce

Challenges for Business Executives During DivorceMost successful business executives are highly driven professionals who are dedicated to their work. Those qualities do not always transfer to their marriages. Their focus on their jobs can cause them to pay less attention to their home lives. Their spouses may seek divorce if they do not feel there is enough intimacy and communication in the marriage. If the business executive was not paying much attention to the marriage, he or she needs to focus more on the divorce. High asset divorce involves many complex properties that must be divided between the spouses. The business executive spouse may be familiar with negotiating deals involving valuable assets, but he or she cannot take the same approach during a divorce.

Complex Marital Properties

Most marriages involve valuable assets that must be divided, such as real estate and financial accounts. For business executives, these high-value assets can be more diverse and complicated, such as:

  • Multiple family homes;
  • Varied financial investments;
  • Business ownership and interests; and
  • Luxury items.

Anything that was purchased or accrued during the marriage is considered marital property. Business executives have likely spread their personal wealth into multiple properties and accounts. Financial advisors are imperative in high asset divorce to investigate and explain the complex properties in the marriage.

Negotiation Tactics

Business professionals may rise to the position of an executive partly because of their ability to obtain favorable deals. In negotiations, they develop personality traits that they may describe as confidence and conviction. When dealing with other business professionals, they are expected to be aggressive and use pressure tactics to gain an advantage. Because of his or her past success, the business executive may naturally apply some of the same negotiation tactics to the divorce, such as:

  • Making unreasonable offers that he or she knows the other party will reject;
  • Setting deadlines to decide aspects of the divorce; and
  • Threatening to leave negotiations if the other party does not agree to his or her terms.

The tactics that work as a business executive are viewed as intimidation and bullying in a divorce. The other spouse may take personal offense to these pressure tactics and break off the negotiations. If the divorce goes to court, business executive will have less control over the settlement. The executive must realize that he or she will not be able win a divorce settlement by taking advantage of or intimidating the other spouse.

High Asset Divorce

Business executives can help themselves during a divorce by providing thorough documentation of their financial assets. A Kane County divorce attorney at Goostree Law Group can identify and assess the marital properties in a high asset divorce. To schedule a free consultation, call 630-584-4800.

Source:

https://www.inc.com/magazine/20101101/why-so-many-entrepreneurs-get-divorced.html

Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

ovc
Contact Us
Chat Us Text Us