A friend of mine is getting divorced. Him, his brother and parents are partners in an S Corporation. The one brother is getting divorced. Neither of the brothers wives are listed in the corporation. He is afraid his soon to be ex-wife is entitled to his parents assets. The business in the corporation is a farm. Him and his dad farm it and 50% is his and 50% the corporations. Is she entitled to any of his parents part of the farm?
1 Answer from Attorneys
Yes, the brother's interest in the farm is a marital asset. Yes, the brother needs to rely on his attorney to protect him. That is, and should be, the extent of your answer to your friend for his brother.