To what is a spouse entitled in divorce if husband owns one half shares of an incorporated company and is an officer in that company?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

To what is a spouse entitled in divorce if husband owns one half shares of an incorporated company and is an officer in that company?

To what is a spouse entitled in divorce if husband owns one half shares of an incorporated company and is an officer in that company? Company is not publicly traded and corporation is a partnership

Asked on May 21, 2009 under Family Law, Tennessee

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

If your husband owns half of a business, that is an asset (usually), and it is treated the same as any other asset, although placing a value on the asset is where the real issues usually come up.  You definitely need a lawyer on your side in this situation, and one place to look for qualified counsel is our website, http://attorneypages.com

Like any other asset, an ownership interest in a business, whether it's a partnership, shares of stock or membership in a LLC, may be either marital property or not, and if it is marital property, then it is included in the property division, although it's often more or less automatically put into the share of the spouse that participates in the business, if only one spouse is involved.

When the company's stock isn't publicly traded, it often takes expert testimony to place a value on the business, and that means going into the company's books, etc.  When it's part of a divorce, this is often the biggest issue in the whole case.


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 lock Secured with SHA-256 Encryption