Can I give my business to another party before getting a divorce to keep it away from my soon-to-be ex-wife?
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Can I give my business to another party before getting a divorce to keep it away from my soon-to-be ex-wife?
My business is my job; I’m self employed. I have owned it for 10 years. I purchased the company 1 year after marriagebut the company is in just my name. Can I tranfer ownership?
Asked on January 6, 2012 under Family Law, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is not advisable that you attempt to transfer the ownership of the business in order to try and keep it from being considered marital property for distribution in the divorce. It is regardless of the transfer and the transfer will be set aside as a raudulent transfer and it will not look good for you. It is an asset purchased during the marriage and it does not matter that only your name is on the business. I would seek consultation from an attorney. Good luck.
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