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Dave Kennett
Dave Kennett, Lawyer
Category: Family Law
Satisfied Customers: 27687
Experience:  25 years experience as practicing attorney
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If my wife owns a corporation and her and I have bought property

Customer Question

If my wife owns a corporation and her and I have bought property both personal and real through this Corp am I entitled to any of the equitable interest held in this S Corp?
Submitted: 1 year ago.
Category: Family Law
Expert:  Dave Kennett replied 1 year ago.
-Could you explain your situation a little more?
Is this related to a possible divorce or estate matter?
Did she own the corporation before you were married?
Is the real estate titled in the corporate name?
Do you receive any income from the corporation?
Customer: replied 1 year ago.
It's a divorce
Customer: replied 1 year ago.
Divorce
Customer: replied 1 year ago.
The property is titled under Corp name and yes we receive rent income drone the real property
Expert:  Dave Kennett replied 1 year ago.
Was the corporation owned prior to marriage?
Customer: replied 1 year ago.
No the Corp I helped form during marriage
Expert:  Dave Kennett replied 1 year ago.
Dear JACUSTOMER - In that case the corporation would be considered as marital property regardless of who owns the stock. In a divorce the value would be considered as a marital asset and would be divided accordingly the same as any other property acquired during the marriage. I can't analyze your entire divorce from here or tell you specifically what property you will get or she will get etc. but in the case of a corporation it may be that she would have to transfer some of the properties out of the corporate name into your name in order to be able to divide the assets in the divorce settlement. There will also be an issue as to the mortgages, if any, and that will also have to be dealt with as far as being able to transfer the property. In any event, she is not entitled to retain the entire value of the corporation simply because it is in her name.
Dave Kennett, Lawyer
Category: Family Law
Satisfied Customers: 27687
Experience: 25 years experience as practicing attorney
Dave Kennett and 9 other Family Law Specialists are ready to help you
Customer: replied 1 year ago.
What about the income that the Corp is making at this point? Am I going to see any of the monies that I've been looked out of?
Expert:  Dave Kennett replied 1 year ago.
Until you file for the divorce there's nothing you can do since the court will not get involved in marital disputes. Once you file for divorce you can ask for an order of temporary support in the form of a portion of the rental income and once the divorce is final you will receive your share of any income of any property that remains in any joint property. It would be best to get all the property split so you don't have to have a continuing relationship in business with an ex spouse.

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