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How might my fringe benefits affect my divorce?

| Jun 20, 2019 | High-asset Divorce |

One of the nicest perks that many Omaha men enjoy at their jobs is fringe benefits. Many, if not most, people get some sort of fringe benefits, even if it is only paid vacation. However, particularly among executives and professionals, other lucrative benefits may be available as well. For instance, a man may get the benefit of using a company car even for his personal transportation. In other cases, he may be able to use stock options to buy company stock at a below-market price, thus making hundreds if not thousands of dollars almost instantly.

It is important to remember, though, that, in the event of a divorce, legal separation or even a dispute between unmarried couples with children, these fringe benefits can play an important role. If not accounted for at the outset, they could lead to a nasty surprise in that a man may discover he owes more in things like child support, alimony or property division payments than he expected.

For example, the definition of income for the purposes of figuring Nebraska child support payment is very broad. The child’s mother, or even the state, could very easily argue that items like a company car, subsidies for housing and the like are income since they reduce a man’s overall living expenses, even if he is not collecting cash.

Likewise, in the case of payouts like mandatory bonuses, stock options and the like, these can be included both as income for child support purposes and, in some cases, marital property subject to division under Nebraska’s laws.

It is important for a one to understand how his hard-earned fringe benefits will affect his or her high-asset divorce or other separation. Divorcing spouses may need to formulate a legal strategy in order to protect both them and their overall financial well-being.

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