How to keep a business from being deemed marital property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How to keep a business from being deemed marital property?
My sister has an established LLC running out of her home. She plans to go into business with another person and make them a joint member while she also plans to bring her business to the public from a leased space. She wants to exclude her husband from having any ownership interest in the company or operations. Can that be done and what is the best way to accomplish it?
Asked on April 10, 2012 under Family Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your sister starts a business during her marriage then it is considered a marital asset unless her husband signs a post nuptial agreement that states that he waives any interest in the business. Otherwise, it will indeed be appraised a a marital asset during a divorce.
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.