On behalf of Kelly Law Office, LLC posted in high-asset divorce on Monday, August 19, 2019.
When it comes to asset division during a divorce, the type of compensation one receives from a job can make a difference. Ohio residents might like to know about these special salary considerations.
The date on commission payments may matter when determining joint and separate property. If one spouse receives a large commission, the other partner may be entitled to a portion of this amount. As commission is earned when closing a deal, one could argue that it is separate property if a deal finalizes after divorce proceedings begin. However, the other partner may argue that a commission is marital property if a spouse worked on securing the deal during a marriage.
Any bonuses that deal with the time period before filing for a divorce are likely subject to division. As such, the entirety of a bonus’s value should not be included in one’s income if a spouse receives part of it. This may matter when figuring out child support payments.
Business perks typically are not included as part of one’s income. However, perks that a family shares could be involved in support negotiations. If a company provides housing or a car, these perks may qualify as compensation.
Some people own their own companies or otherwise have some control of their incomes. If salary changes occur and a person starts making less around the time of a divorce, this party may need to be able to account for why this occurred.
Dividing marital property can be complicated when divorcing professionals have a high net worth and own many different assets. Types of assets subject to division might include real estate, pensions, business assets and art collections. Additionally, a couple may need to consider child custody matters. Both parties may seek legal counsel when negotiating and reaching a settlement.