Top 3 Tips to Be Financially Prepared for Divorcing a CEO

Divorcing a CEO can be tough.? Their ability to rise to the top of their career means they are often forthright, amazing negotiators, who want things to move quickly and in their direction of interest.

This means, for many women, they are presented with potential financial solutions early on in the divorce process.

So what do you need to know, before you move forward with any sort of agreement?

How do you ensure you are best placed to deal with the approach your CEO ex takes?

Find out below in my top three tips:

1. You need to be sure that you understand how your ex's income works and all the elements associated with it.?

When you are divorcing an executive their income can be a little more complex. They have probably got an executive compensation scheme, which means that they're not only getting paid by their salary, they also have an incentive led bonus, performance led bonus, as well as deferred compensation.

Payments, bonus, income that relate to work that they've already done, but won't be paid till a future date.?

It's vital that you understand these.?

They could well have elements that are held in shares They could well have deferred share allowances. It's really important that you have got a very clear line of sight on their income.

2. You need to be able to articulate what you need from the divorce and why.?

That's an absolutely essential part of being able to divorce a CEO.??

The starting point is having a clear analysis of how much your future life is going to cost, and how much your future income will be.? This will give you the scope of any gap, and it is that gap that you need to be confident can be filled from any settlement.

3. You need to understand how investments and pensions can produce an income.?

If you are going to be getting a settlement from your divorce, it could consist of you getting a lump sum of money and or regular income.? the lump sum can be used to produce an income?

Do you really understand how that works and what kind of income you could get??

Knowing if there is any tax on it, how much you would be expecting to get into your account and how much risk you might need to take to do that is important.

Getting this type of detail will mean that the picture of your future incomings and outgoings is clear.

These three points are from this free download:?

10 Point Checklist

?This is a really good place to sense check if you are financially prepared for divorce.

If you are wanting to get some more depth and understanding, and you want to have some more detail about where your strengths and where your development could be in your preparation for your divorce, you might also want to check out the Wealth and Divorce Scorecard This gives you a personalised report after you fill in two minutes worth of questions that run through the main aspects of divorce and what you should be doing to be prepared for them.