Legal Question in Business Law in Texas

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

Asked on 7/30/13, 3:29 pm

1 Answer from Attorneys

Adam Kielich The Kielich Law Firm

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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Answered on 7/30/13, 3:40 pm

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