Business executives spend a lot of time building their careers and businesses. This means they are probably not home much with their families. As a result, many experience family issues that lead to divorce.
It can be shocking for business executives to find out that their spouses want a divorce. They’ve worked so hard to make money to support their families. How can this be?
Marriages take a lot of work and time. When a spouse is not physically present to support the family, the other spouse has to take on additional roles to run the household. This can create a lot of bitterness and tension and ultimately lead to divorce. Here’s a look at some common reasons for executive divorce and what executives can expect during the process.
Common Reasons for Executive Divorce
There are several main reasons why executives and successful people in general are more likely to divorce:
- Time. Business executives often devote a lot of time to their work. They work long hours six or seven days a week, leaving little time for family. The non-executive spouse becomes resentful and this takes a toll on the marriage.
- Money. Even someone as financially successful as an executive can have money issues. When the executive spouse is the sole breadwinner, the non-earning spouse may engage in financial infidelity, especially if there is inadequate communication about finances. The spouse may hide assets or incur debt without the other spouse’s knowledge, causing financial problems.
- Unequal division of housework. Studies show that the divorce rate is lower among couples who share household chores. Business executives have to devote a large amount of their time to the business, so they don’t always pull their weight around the house. The other spouse is often expected to carry the load of handling all domestic duties, including child care. Again, this can lead to resentment and divorce.
- The marriage is not a priority. When people are successful, other things become more important than the marriage. Business executives have big visions for their businesses. They don’t always have these same visions for their marriages, resulting in divorce.
- They stop doing the little things. Successful business executives have so many things competing for their attention. They stop doing the little things they did while dating, such as planning dates and events and giving their spouse small gifts. Successful people have to be deliberate about spending time together. Otherwise, the marriage will fail.
Problem Unique to Business Executive Divorces
Business executives have different forms of compensation as well as different concerns than the average worker. Here are some unique problems they may face in a divorce:
- Complex compensation plans. Business executives have pensions, bonuses, trade stock holdings, and severance agreements that provide them with compensation in addition to a salary.
- Company perks. Many business executives have company perks such as working vacations, travel allowances, and car allowances.
- Deferred income. Forms of deferred income such as golden parachutes and deferred stock options are also common for business executives.
- Business valuations. If the business executive owns a professional practice or other type of business, it will need a business valuation in a divorce. This required a forensic accountant.
- Privacy concerns. Divorce is a public matter. Business executives want to protect their reputation. That’s why they will work hard to protect personal information and company information from being exposed to the public.
- Lack of time with children. Child custody is based on the best interests of the child. While judges will not automatically favor the stay-at-home parent, they will certainly not award the majority of custody to a parent who is hardly ever around. A judge will analyze each parent’s relationship with the children. If you spent most of your child’s formative years in a boardroom, then judges will simply assume that you are too busy to serve as the primary custodian. As a result, you will get limited time with the children.
Contact Us Today
Successful people like business executives tend to focus more on their careers, which causes their marriages to falter. You may now be dealing with issues regarding child custody and asset division.
Divorce is complex when high earners are involved. The Columbus executive divorce attorneys at Lawrence Law Office can handle your divorce details. We have the right mix of experience and practicality to help business executives obtain the divorce that they want. To schedule a consultation, call 614-228-3664 or fill out the online form.