How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 29560
Experience:  Lawyer
26798026
Type Your Legal Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

My spouse owns 3 business(incorporate and real estate LLC),

Customer Question

my spouse owns 3 business(incorporate and real estate LLC), am I eligible for any part of the business in case of divorce?
Submitted: 7 months ago.
Category: Legal
Expert:  Lucy, Esq. replied 7 months ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

What state do you live in? Were these businesses created before or after you got married?

Customer: replied 7 months ago.

after got married, MA

Customer: replied 7 months ago.

after, MA

Expert:  Lucy, Esq. replied 7 months ago.

Thank you.

In that case, the businesses are marital property and you're entitled to half the value at the time of divorce. That's true whether you've worked for the companies or not.

Expert:  Lucy, Esq. replied 7 months ago.

The judge isn't likely to award you 50% of each business, because forcing divorced spouses to work together usually isn't going to be productive. However, the judge has a lot of discretion. If you have the knowledge and experience to run a business, you could be made owner of one of them and given a payment to equal roughly half the total value. Or your husband could be ordered to buy out your interest in each one.

If he doesn't have cash to do that, the judge can award you a higher percentage of other marital assets, like your home or retirement accounts.

Expert:  Lucy, Esq. replied 7 months ago.

Do you have any other questions about this?