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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7355
Experience:  30+ yrs. representing small business, real estate, probate
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I am in my families business that my dad started. My dad in

Customer Question

I am in my families business that my dad started. My dad in past years has gifted my brother and I shares making us all equal share holders. What is the best, ***** ***** way to sell or gift all my shares back to my dad and brother for our business.....and
become just an employee of the company and not raise any red flags? My divorce finalized 9 months ago. I want to protect myself from x-wife coming after me for child support for our 4 year old child. I have stepped away from business since the divorce and
focused on raising my son. Our divorce agreement now includes she will not get child support from me in first four years; but I'm not protected in our agreement thereafter. She agreed to this; because she knew I have been struggling financially and courts
wouldn't award her child support from me. My brother is trying to aggressively grow the business...we make low salaries now which has been the same for the past five years. My brother and dad can not afford to pay me to buy shares back. Please note I have
50/50 custody of my child, she cheated on me causing the divorce, doesn't want work and was just dumped by the guy she cheated on me with who had money and is a lawyer. I could foresee her coming after me hard if my company is to grow in the coming years.
Submitted: 1 year ago.
Category: Business Law
Expert:  Irwin Law replied 1 year ago.

I don't know of any method by which you can avoid her coming back for increased child support, provided she still has custody or joint custody at the time. If you wish to give up your chance for future financial success, in return for never having assets or current income that would justify an increase in child support, you might simply gift your shares equally to your brother and father. Those shares would not be worth much now because it is a minority interest in a company that is not making much money, and pays no dividends. I hope that this is helpful and that you will enter a positive rating for me. Thanks for using Just Answer.