My wife and I have been married for 15 years or so and are calling it quits. We bought a business together in 2000 through a sub s corp. that she had before we were married. where does that leave me as far as community property goes. Am I not a 1/2 owner in this bus. Thanks, CV
Answered on: 7/30/13, 3:40 pm by Adam Kielich
It depends on whether community or separate funds were used to acquire the business. It doesn't matter whether the business was purchased through a business entity she controlled. Even if you do not have equity in the original purchase of the business you would have a property interest in any community investments made afterwards as well as money that was paid out as salary or certain business distributions. You would also have a property interest in certain funds retained by the business that could have been distributed.
As you can tell, there are a lot of facts that need to be plugged into the law to determine what your ownership interest is in that business. A divorce lawyer can help you make that assessment.
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