For Louisiana residents with unique salary situations, getting a divorce creates a host of concerns regarding how their finances will be impacted. All divorces can be complicated, but for those in a corporate structure whose income is paid differently, it can create a complex set of circumstances. Having legal advice from the beginning of any divorce is imperative.
If the person is paid via straight salary, then there should not be any ancillary issues. However, with bonuses based on performance, it could become difficult. If there is a prepaid bonus and there is a clawback provision, this should be considered during the divorce process. A person’s assets will be impacted by this and it could affect the divorce if they do get the bonus and then leave the job early, perhaps because of the divorce.
Some employers pay a bonus for the previous year’s work. That might have been paid before the filing. It will then be viewed as a marital asset and will be part of property division. The danger is that the spouse’s legal representative might want the bonus shared and have it calculated as part of the full asset pool.
Some people work on commission. If a big sale is pending, that could mean a significant payment. The timing of the deal can lead to battles about the commission and if it should be considered a marital asset. Some companies provide stock options to employees. A spouse who earns these benefits could face a disagreement as to how much should be shared. Finally, various perks could be part of the employment contract. A company vehicle, a place to live and more could be available. During a divorce, these items could be in dispute.
In a divorce, there are certain issues that will be considered first and foremost. Children and support are examples. When there is a complicated structure in which one of the spouses is paid in various ways, this could lead to difficult problems. A law firm that has experience in all aspects of divorce can help with this and any other factors that will inevitably arise.