For divorcing couples with high net worth, high profile financial solutions are sometimes necessary.
With headquarters in Richfield, Minnesota, Best Buy is an international consumer electronics company founded almost 50 years ago. In recent years, Best Buy stumbled financially. In 2012, Hubert Joly, former Chief Executive Officer (CEO) of Carlson Wagonlit Travel, was named CEO of Best Buy to reverse its competitive and financial decline.
In the same time, Mr. Joly, a resident of Minnesota and a French citizen, worked through a divorce with his wife. The couple has two children.
To fund his divorce settlement in September 2013, Mr. Joly exercised 350,467 stock options in Best Buy. By selling those and other shares, Mr. Joly realized a profit of approximately $10 million. Best Buy announced that the sale was due to circumstances related to his marital dissolution.
There is no question that the division of assets during divorce has an impact on the financial condition of the parties involved. Common consequences that spouses face as a result of divorce include the following:
- Reduced standard of living
- Loss of income due to legal fees during litigation
- Substantial loss of time and energy during a protracted divorce matter
- Spousal support (also known as alimony) obligations
When possible, the use of low conflict divorce strategies can help high asset couples preserve wealth and protect their future. For divorcing spouses in Fairfield County, Connecticut or elsewhere who spent a lifetime building their marital estate, legal guidance is essential throughout the process.