You can see what is happening to your colleagues and there is a chance that it could be happy for you. There are many reasons why a company will offer you a compromise agreement. It could be to insulate yourself from future legal cases, it could be to fire a laid off employee, or it could even be to fire an employee who is not performing well. It is often used to fire high-level employees without too much fuss. One of the key features of a compromise agreement is that you are provided with a settlement amount, in return you will have to agree not to hold the company liable for any claims in the future.
In most cases, the payoff figure is what can be the most stressful. Although the company may present its own figure, it will need the help of a lawyer to get what it deserves. Here are some tips that can help you with the calculation.
You’ll need to get organized first when it comes to documentation. Gather all of your financial statements, titles, insurance coverage, and income-related information. Calculate your disposition income. This is basically the amount of money that you have left after you have finished paying all the bills that you are responsible for. It is primarily your gross income that takes away all of your monthly living expenses. The best way to keep track of this is to do all your calculations in worksheets.
Next, you need to know your net worth, which is a calculation of all your assets and their current market value. You will need to take the fair market value which is also taking away any of the applicable expenses. These expenses can be settlement expenses. Again, a worksheet would be really helpful at this point.
Next, you will need to gather your disposable income and your net worth. Calculate the figure that you would have reached over a period of 60 months and then you will have a figure that can be considered reasonable. Regarding the payment method, you should consult with your tax attorneys what would be the best way to receive the figure. There are different forms like check, credit card, or even money order. Tax authorities should be informed and your lawyers should help you.