Stocks may be sold in Illinois to help pay for divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, September 20, 2013.

Is there ever a good time to sell major stocks? Individuals who are in the midst of an expensive divorce may want to consider doing so as did the CEO of Best Buy who sold over $10 million of his company’s stock to pay for divorce proceedings. Such large sales of major stocks often raise eyebrows because they could be signs of insider trading.

The Best Buy CEO has been credited with turning around the electronics retailer. The company’s stock has soared more than 200 percent this year, another reason for raising eyebrows. However, company executives can sell stocks for virtually any reason. These sales, as well as purchases, must be disclosed to the Securities and Exchange Commission.

Paying for a divorce, no matter what the financial status of the individuals involved, can be an expensive proposition. Using the money gained from a stock sale cannot only benefit the ultra rich, but individuals in all levels of society who find themselves faced with a marital breakup. Money from stock sales may be used to pay for lawyers’ fees as well as for child support and possible alimony for former spouses.

A qualified Illinois lawyer knowledgeable about the state’s divorce and family laws could help individuals who are unsure of whether to sell stocks and similar financial assets prior to starting divorce proceedings. Knowledgeable and experienced divorce and family law attorneys are trained to remain neutral in such circumstances and may be able to provide clients with advice on what assets to liquidate to help pay for attorneys fees and other costs associated with divorce.

Source: USA Today, “1 reason to sell Best Buy stock: D-I-V-O-R-C-E“, John Waggoner, September 12, 2013