Getting divorced means addressing multiple complex issues, including the division of marital assets and debts. For some couples, asset division is a straightforward process. However, the greater a couple’s complex and high-value assets, the more complicated asset division during divorce becomes.
If you or your spouse own stock options or restricted stock and you plan to divorce, it is important to understand how these unique assets are typically dealt with. Educating yourself is a great first step in protecting your financial interests during divorce and avoiding costly mistakes. Additionally, make sure to work with a skilled divorce lawyer experienced in complex property division matters.
Are Stock Options and Restricted Stock Considered Marital Property?
Marital property belongs to both spouses and typically includes any assets or debts acquired during the marriage. Non-marital property belongs solely to one spouse. The first step in addressing stocks in a divorce is determining ownership of the stock assets. Per Illinois law, stocks options, restricted stock, and similar benefits granted to a spouse during the marriage are considered marital property – regardless of whether the stock was vested or non-vested.
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