Hubert Joly, Best Buy CEO had to sell 451,153 shares of his company’s stock – for a total of $16.7 million.
Why? You ask. Some assets are easy to divide in a divorce, such as selling an automobile or even a home. Dividing stock options can present a unique set of challenges and can be very costly to one or both parties. When stock options are classified as marital or community property, they can be divided between the spouses.
This happened to the CEO of Best Buy Co. After paying a huge amount to exercise his stock options, he netted a little more than $10 million. Although this wasn’t a good day for him, it was a big day for his ex-wife.
All of this was needed to pay a divorce settlement. The stock sale represented about 20 percent of his Best Buy stake.
Although a divorce can be a traumatic event, many people don’t take into consideration its full implications until it hits them.
If you are heading for a divorce courtroom and have a challenge on how to divide your assets, an experienced divorce attorney may be able to help you achieve an equitable settlement. Call the Orange County family law offices of Amy M. Montes. We may be able to help you better mediate your dispute to handle such contentious factors as financial support.
