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Dealing with finances in divorce

Rhode Island residents, like the rest of society have probably been to a Best Buy at least once in their lives. Not many of those individuals would think they have much in common with the CEO of the company. Divorce is a family law issue that does not discriminate against individuals based on their race, socioeconomic status, gender or sexual orientation.

Recently, the CEO of Best Buy, Hubert Joly, who took the position about a year ago, has exercised just over 350,00 stock options at just over $18 per share. This totals around $6.3 million. He then proceeded to sell those shares, as well as other holdings in his company, for nearly $16.7 million. This means that the CEO netted about $10.4 million from the sale. Why would he do this? In order to meet the terms of his divorce settlement.

While this may seem like a lot to most of Americans, it is only 20% of his stake with the company. Joly still owns just over 475,000 shares in the company.

Financial strain can play a big role in divorce proceedings. So, while most Rhode Island residents facing a divorce may not have to sell off millions to help pay for it, they may have other financial issues related to property division, such as retirement accounts, bank accounts and ownership of property. When an individual faces a divorce, the task can seem overwhelming. However, when one has their finances under control, this can often times take away a lot of the stress associated with divorce.

Experienced family law professionals can assess the unique facts of one's divorce and help place them on the strongest footing moving forward. Some cases may require aggressive litigation, while others may better be served in mediations or negotiations. While divorce can seem like a challenging process, knowledgeable legal professionals will discuss all available legal options to help the process go as smooth as possible.

Source: The Huffington Post, " Best Buy CEO Hubert Joly Sells Nearly $17 Million Worth Of Stock To Help Pay For Divorce", Sept. 11, 2013

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