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Dave Kennett
Dave Kennett, Lawyer
Category: Family Law
Satisfied Customers: 27689
Experience:  25 years experience as practicing attorney
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One part of my dissolution of marriage , signed on 6/20/1986,

Resolved Question:

One part of my dissolution of marriage , signed on 6/20/1986, states that "the parties acknowledge that they are each owners of 50% of the stock in _______ company and will continue to remain so". I know that this particular company is still in business and is very sucessful in Florida where the divorce was granted. My question is this. Is there a statute of limitation on this property settlement agreement ? I have had no contact with my ex husband since the divorce, but I do know he still owns the company. Do I still have ownership of 50% of the stock ?
Submitted: 4 years ago.
Category: Family Law
Expert:  Dave Kennett replied 4 years ago.
Dear JACUSTOMER - If the decree of dissolution has never been amended then its terms last forever or until by its own terms they change in some way, such as an end to alimony or termination of child support on a certain date. If you were awarded 50% of the stock then you still own 50% of the stock. I'm not certain if you ever had the stock transferred to you at the time of the divorce so there could be a problem if the stock has been sold to a bona fide purchaser but if your ex still owns the stock you can file a motion to have 50% transferred into your name. That should have been done at the time of the divorce unless your name was already ion the stock as a result of the marriage.
Customer: replied 4 years ago.
What if my ex has, in some way, reorganized the company by changing the corporate name or putting the stock in someone else's name ? Am I out of luck ?
Expert:  Dave Kennett replied 4 years ago.
It will depend on what he did. If it was simply to avoid having to transfer the stock to you then you may still have a case for a "transfer to avoid creditors" or to avoid the divorce decree. If it was sold to a bona fide purchaser then you are probably out of luck. All you can do is file a motion and see what happens. If the stock is still in his name you should be able to receive your 50%.
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