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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Family Law
Satisfied Customers: 18387
Experience:  B.A.; M.B.A.; J.D.
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My husband and I have been separated for 16 years, although

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My husband and I have been separated for 16 years, although not legally. We bought a very profitable business together 7 years ago. We agreed on unequal percentage ownership since he would be actively running the business and I would just be collecting an ownership share of profits. We are now going to get a divorce. I was wondering if under California community property law I would be entitled to half his share of the business or if the percentages in the partnership would take precedence.
Submitted: 6 years ago.
Category: Family Law
Expert:  Phillips Esq. replied 6 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Question: My husband and I have been separated for 16 years, although not legally. We bought a very profitable business together 7 years ago. We agreed on unequal percentage ownership since he would be actively running the business and I would just be collecting an ownership share of profits. We are now going to get a divorce. I was wondering if under California community property law I would be entitled to half his share of the business or if the percentages in the partnership would take precedence.

 

Response: The percentages in the partnership agreement would take precedence. Community share (50/50 split) only comes into play where you do not have any agreement. Where there is an agreement such as a prenuptial agreement or a partnership agreement, the Court would divide that martial property based on the agreement.

 

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