If I’m buying a business and am including my niece as my partner, since she’s going to be getting a divorce, will my business be protected from her spouse if we are a corporation?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I’m buying a business and am including my niece as my partner, since she’s going to be getting a divorce, will my business be protected from her spouse if we are a corporation?

Asked on March 18, 2013 under Business Law, North Dakota

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Corporate status only protects from creditors-- not spouses.  If the asset is acquired during the marriage, her husband could make a claim for a share of the asset.  To make sure that he cannot claim any portion of the business, either purchase the business in your name and then transfer partial ownership to her after the divorce, OR wait until after her divorce is final to purchase the business.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption