Technology-related careers have the potential to be quite lucrative. However, they can also be somewhat demanding. The result of a high standard of living with significant job demands can put a lot of pressure on a marital relationship. Tech professionals may eventually find themselves facing divorce and feeling concerned about what the future may bring. Especially with Washington’s community property laws, those who have had successful careers during their marriages have a lot to lose when they divorce.
What special considerations do divorcing technology professionals often need to address before heading to family court?
Deferred compensation or stock options
Those who take jobs at startups or who hold important positions within organizations often receive comprehensive compensation packages. It is common for companies to offer deferred compensation, including incentive or retention bonuses. In some cases, that deferred compensation may include stock options. It can be challenging to address stock options and other deferred compensation in a divorce. Spouses have to establish how much of the compensation is subject to division and then determine what it is worth.
Demanding work schedules
Divorcing tech professionals who have children may need to employ extra care when negotiating custody arrangements. They may need to integrate rules that require flexibility on the part of their co-parent, as they may need to make last-minute scheduling changes due to overtime. They may also need to integrate terms that allow for virtual visitation if they regularly travel for work. The professional obligations of those working in the tech sector can complicate the process of allocating parental rights and responsibilities.
Alimony or spousal maintenance
When one spouse has a demanding, well-paid career, the other may deprioritize their career. If the couple has children, one spouse may stay home to take care of the family. Even without children, caring for household needs may force one spouse to deprioritize their career development or scale back to part-time employment so that the better-paid spouse can focus entirely on their work. Dependent or lower-earning spouses may request alimony or spousal maintenance as part of the divorce process.
Identifying potential sources of conflict as a technology professional preparing for divorce can allow for more effective negotiations. Highly compensated professionals preparing for divorce typically need assistance as they develop their priorities and strategize before divorcing, and that’s okay.