While some Connecticut couples may have a relatively easy divorce with no children or significant assets involved, others don’t have it so easy. Many people receive benefits through their workplace, such as stocks and restricted stock units. In a divorce, these assets are subject to be split with the other party. However, uncovering these assets and determining the best way to divide them can be tricky. It is important to learn more about this type of complex property division.
Many employers, especially large corporations, offer much more than the standard pay, vacation time and medical benefits. Some offer stock options, pensions, bonuses and even severance packages. In addition, some companies reward good performance with Restricted Stock Units. RSUs are shares of stock that typically do not become available until the employee is vested with the company, which could be three to five years or longer. Therefore, dividing up these shares requires the advice of experience counsel.
In addition, assets such as IRAs and pensions are not available without penalty or tax consequences until a person reaches a certain age. With help from a knowledgeable lawyer, you will understand what assets are available to you now and whether you should wait to receive other assets or choose other options. Your long-term financial security is of the utmost importance.
Connecticut law states that all assets are available for division in a divorce, so it’s important to uncover everything that is eligible, whether it be tangible or intangible. With the right divorce lawyer on your side, you’ll get a team of financial experts dedicated to fighting for your share.
BRODER & ORLAND LLC is experienced in all property division matters including the division of stock options, RSUs, pensions, 401(k)s and IRAs.