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If I am 50% owner of a corp. then I got married and acquired

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that other 50% from my...
If I am 50% owner of a corp. then I got married and acquired that other 50% from my business partner, BUT I had the corporation buy the shares whereby the corp is a separate entity from me therefore it is separate, not community property, is it not? This is in the state of Texas.
Submitted: 7 years ago.Category: Business Law
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2/4/2010
Business Lawyer: Richard, Attorney replied 7 years ago
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,803
Experience: 32 years of experience practicing law and a businessman.
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Good evening. You handled this very well. Obviously, the 50% you owned prior to marriage belonged to you. Then, as you suspected, having the corporation purchase the shares rather than purchasing them yourself resulted in that 50% being retired and thus your 50% becoming a 100% share. As a result, the entire corporation remains your sole and separate property. Very nice! :)

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer reply replied 7 years ago
I am concerned because even though the Corp acquired the other 50%, The Corp is 100% owned by me and everyone including the courts knows that. So, what of all the income I made over the last 23 years of marriage that was co-mingled with the Corp?
Thanks.
Business Lawyer: Richard, Attorney replied 7 years ago

Ahhh....the plot thickens. Obviously the income is community property....absent a prenuptial agreement which I am presuming you did not have...and if you left the income in the company rather than distributing it, then your husband would have a claim to some portion of your corporation....it would be up to a forensic accountant to trace the income that remained in the company and determine what your husband might be entitled to. If you are still married, I would suggest that you do this now, and then do a partition agreement so that your partitioned portion would be the corporate portion.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer reply replied 7 years ago
Yes, I am very satisfied with your knowledge of the subject matter and grateful for your sharing it with me. However, there is something I must confess. I'm sorry if I mislead you, but yes I am the wife of 23 years, but it was my husband who has the Corp. and has turned out not at all the man I thought I loved and knew so well. I don't think I'll ever trust another soul again! Thank you for your good advice as this has been most difficult to deal with.
Business Lawyer: Richard, Attorney replied 7 years ago

My pleasure! :) No problem! I wish you the best of luck! I'll keep you in my prayers!

 

I would appreciate it if you would please click the GREEN ACCEPT button NOW, so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

 

Richard
Richard, Attorney
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Satisfied Customers: 55,803
Experience: 32 years of experience practicing law and a businessman.
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