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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
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Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Does my wife of 6 years have a claim to my premarital business?

Resolved Question:

Does my wife of 6 years have a claim to my premarital business? I alone am on the tittle.

It was established in 1992 and we were married in 2007
Submitted: 1 year ago.
Category: Legal
Expert:  Andrea, Esq. replied 1 year ago.

HI, Manny, My name is XXXXX XXXXX I will be assisting you today; My goal is to provide you with Excellent Service,

 

 

Premarital property is not generally subject to equitable distribution if the parties divorce. I use the term "generally" because there are some exceptions. The first such exception is if the owner of the business puts his spouse's name on the business which you have not. Therefore, that exception does not apply to you.

 

The second exception allows part of the business to be distributed if the parties divorce. New York takes the position that the amount by which the value of the business increases during the marriage is considered "marital property" and might be subject to equitable distribution. If you own the business and you can prove that your wife did not do anything to increase the value of the business, and that any increase in its value is attributable solely to your efforts, then the increase in value will not be considered "marital property" and will not be subject to equitable distribution.

 

If you are contemplating divorce, you should keep some kind of log, almost like a diary, where you make entries as to what you are doing to increase the value of the business on a weekly or monthly basis. That way, you can easily prove that any increase in value is attributable solely to your efforts,

 

__________________________________________________________________

 

 

Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

Bonus and Positive Feedback on survey is very much appreciated,

 

ANDREA

 

 

Customer: replied 1 year ago.

Hello Andrea thank you for the answer, my wife was a stay at home mom for the entire marriage. How does this help her claim?


 


Manny

Expert:  Andrea, Esq. replied 1 year ago.

She can say that her status as a 'stay at home' person helped you devote your time to the business so that she helped indirectly,

___________________________________________________________________

 

 

Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

Bonus and Positive Feedback on survey is very much appreciated,

 

ANDREA

 

Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11810
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Andrea, Esq.
Andrea, Esq.
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25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.