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wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 16014
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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My husband and I are in a business partnership, a farming

Customer Question

My husband and I are in a business partnership, a farming LLC, with his brother who is not married. 5 years ago, they had me sign a quit claim deed to the partnership. However, in the state of WI half of this partnership value remains mine per marital property, correct? I am verifying as now they are purchasing an additional farm via the partnership. I am assuming I retain 50% of these assets by marital law.
Submitted: 4 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 4 years ago.
who owns the shares?
Customer: replied 4 years ago.
Spouse and I 50% and his brother 50%
Expert:  wallstreetesq. replied 4 years ago.
you are entitled to 50% of marital assets, however your husband and you have 25% now they would off set, so you still have 25% ownership of the LLC. He would have a right to your 25% stake also that is why they off set. However, if you gave a property which you owned 100% and signed it over to the LLC, you could argue that you should be paid properly for that amount, and you can claim future profits of the LLC.
Customer: replied 4 years ago.
I still have questions and so will try to locate the operating agreement and consult with the attorney who drafted the LLC. Thanks for your attempts. Customer
Expert:  wallstreetesq. replied 4 years ago.
the bylaws and operating agreement are important, however in a divorce case have your lawyer ask for not only half of your husbands shares, but future profits, and a lump sum of money that you should be owed due to your quit claiming property to them, that is done througha divorce easier than through corporate law
Customer: replied 4 years ago.

 

 

 

 

 

 

Thanks for the quick advice. Since the 2 brothers are adding on considerable debt, I will check with a local attorney about my assests and liabilities in this situation. I do appreciate your guidance.

 

 

 

 

 

 

 

 

Customer: replied 4 years ago.
Please return my deposit and do not forward to charge application.

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