Blog posts tagged in your rights
As with other assets in a divorce, stock options are generally divided based on the consideration of how and when they were acquired. The specifics of a person’s stock options may vary, and, at the time of the divorce, the spouse may or may not be able to exercise the option to buy. This often depends on whether to right to exercise the options has vested or not. How stock options are handled in a divorce may also be affected by whether the options were given as compensation for past, current, or future efforts.
In most cases, Illinois law treats stock options as marital property during a divorce—regardless of vesting status—if they were acquired subsequent to the marriage but before the divorce. When determining how stock options should be divided, the court will generally take into account how the stock options were acquired and the time it will take for the options to be exercisable.
Dividing Stock Options
With all that you endured as your marriage ended, nobody has the right to deny you new opportunities for happiness in the wake of your divorce. It is your prerogative to make the most of your new life, and, in some cases, doing so may include pursuing new romantic interests. While casual dating and possibly a serious relationship after your divorce could have a positive effect on your overall health and self-esteem, there are some considerations you should keep in mind, particularly if you are a parent.
Take All the Time You Need
Dating someone new while your divorce is still pending is not usually the best idea, but once your divorce is finalized, you should feel free to start seeing whoever you choose. Keep in mind, however, that you may not be ready jump back into the dating pool right away. Alternatively, you may be fine with casual dating, but not with getting involved in another serious, long-term relationship. A divorce often leaves emotional and psychological scars that may take significant time to heal.
When a couple decides to get married, they generally do so with the intent of building a shared life with one another. In most cases, this means they jointly own virtually all of their assets and share responsibility for their debts. Most people understand that during a divorce in Illinois, the entire marital estate must be divided between the spouses equitably. Sometimes, however, it may be difficult to determine if a particular item or piece of property is actually part of the marital estate. Assets with a particularly high value—such as your marital home—often present unique challenges, especially if only one spouse’s name appears on the title or deed. If your name alone is on the title and mortgage, is the marital home considered a marital asset?
More Than a Name
While it may come as somewhat of a surprise to many people, the name on an asset’s title or deed does not matter very much in most divorce situations. According to Illinois law, the home’s status depends on a number of other factors. You and your spouse may have decided to list only one person’s name on the title or mortgage for financial reasons—such as creditworthiness or tax implications—and doing so is completely reasonable. It is important to realize, however, that your decision will usually have little bearing on the determination of the home as a marital or non-marital asset.
Following a divorce or break-up, it can be extremely difficult to maintain a healthy relationship with your child, particularly if you have been allotted less parenting time and responsibilities than the other parent. Maintaining such a connection generally requires cooperation from the other parent in addition to your own commitment to your son or daughter. The situation becomes even more challenging, however, when the other parent decides that he or she wants to move to a new city or state with your child. Recent changes to the law in Illinois have clarified the rights and responsibilities of each parent regarding this type of move—known as a relocation—and it is important for you to understand what your options may be.
What Is a Relocation?