Legal Question in Family Law in Alabama

Can I sell my part of LLC if I am going through a divorce?

Asked on 9/13/12, 8:03 am

1 Answer from Attorneys

C. Terry Gregg, Jr. Law Offices of Terry Gregg, LLC
0 users found helpful
0 attorneys agreed

As always, "It depends." Usually there is no problem with it but you are likely liable for the value sold. Even so, it might not be a good idea and you absolutely should consider the following:

An LLC is not a corporation and you do not own "shares" in it but rather possess membership interest. In Alabama, child support can reach a single-member LLC but is limited to the member's interest after deductions and expenses. Gross receipts are not used but that is specifically in regard to child support. Martial property is a different story and dependent on your facts and circumstances.

Additionally, your LLC's Operating Agreement may provide particular rules and or restrictions on sale, e.g. first right of refusal. You should definitely consult an attorney for review of your divorce and LLC filings. Of course, all of this will be shaped by you and your family's individual circumstances and what you want in the end.

Read more
Answered on 9/13/12, 1:19 pm

Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in Alabama

Looking for something else?

Get Free Legal Advice

88413 active attorneys ready to answer your legal questions today.

Family Law, Divorce, Child Custody and Adoption Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Michelle ScopelliteGoldstein & Scopellite, PCTucson, AZ
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now