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FiveStarLaw
FiveStarLaw, Lawyer
Category: Family Law
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Experience:  25 years of experience helping people like you.
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When I divorced my wife in December in California we settled

Resolved Question:

When I divorced my wife in December in California we settled our marital assets with her releasing interest in my two companies. My business partner and I sold the intellectual property to one of the companies to a larger company in 2009. Based on the purchasing company's performance there is a schedule of payments for four years. In the first year there was not payment because they did not achieve the revenue target. In March I received a distribution from the company of 78k. These payments are not guaranteed in the future. My wife filed a motion for custody in April for my son. The opposing lawyer included the 78k in the income calculation for child support. This wildly increased the child support as ammortized over 12 months. My belief is that this money is a part of an asset that she granted me in the divorce and not income much the same as if I had sold the house and recived money for that. What is your opinion? Do you need more information?
Submitted: 3 years ago.
Category: Family Law
Expert:  FiveStarLaw replied 3 years ago.
Welcome!

I am an attorney with 25+ years of legal experience and am working diligently on your answer while I await your response.

Please tell me:
Was the distribution payable to your company or to you personally?


Thanks!
Customer: replied 3 years ago.
The payment was made to my company and then my business partner and I elected to take the distribution. So the distribution was to me personally in March.
Expert:  FiveStarLaw replied 3 years ago.
Hello,

Thank you for your clarification. I will strive to provide you with legal information to assist you. If my answer is not clear to you, I encourage you to ask me for clarification by using the reply button.

Unfortunately a distribution from your company is considered to be income for purposes of child support. This is not the same as the sale of a capital asset that you owned personally such as the house. Instead it is the sale of a company asset that resulted in a company distribution to you.


Please let me know if you have any questions concerning my answer.
Customer: replied 3 years ago.
So for purposes of the marriage dissolution it's considered an asset that she released to me but is considered income later? Is there any other way of looking at this?
Expert:  FiveStarLaw replied 3 years ago.
The company was released to you and therefore had the company been sold my answer would be different. However instead the company sold an asset and generated an income based upon that sale which was then passed along to you. Unfortunately this appears to be in your wife's favor entirely


I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.
FiveStarLaw, Lawyer
Category: Family Law
Satisfied Customers: 36563
Experience: 25 years of experience helping people like you.
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