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LADY LAWYER
LADY LAWYER, Family Law Attorney
Category: Family Law
Satisfied Customers: 6536
Experience:  Family Law Attorney
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WE BOUGHT ALOT OF PRE IPO FACEBOOK STOCK AND IT IS IN BOTH

Resolved Question:

WE BOUGHT ALOT OF PRE IPO FACEBOOK STOCK AND IT IS IN BOTH OUR NAMES HOWEVER WE ARE MARRIED JUST 1 1/2 YEARS IS THIS CONSIDERED COMMUNITY PROPERTY ALTHO THE STOCK WAS BOUGHT FROM FUNDS FROM MY HUSBANDS ACCOUNT
Submitted: 5 years ago.
Category: Family Law
Expert:  LADY LAWYER replied 5 years ago.

LADY LAWYER :

Hello, Thanks for choosing Justanswer.com! I look forward to helping you today. Did you buy this while you were married?

Customer:

yes

Customer:

are you there?

LADY LAWYER :

Yes\

LADY LAWYER :

Anything you bought during the marriage is community property and is split between you 50/50.

LADY LAWYER :

It does not matter that it was bought from an account with only your husband's name on it.

Customer:

then it is considered community property?

LADY LAWYER :

It also does not matter that you were only married 1 1/2 years.

Customer:

i researched found the stock and did the transaction

LADY LAWYER :

None of that matters. As long as you were married at the time it was bought it is community property and is split in half.

Customer:

problem is it will not begin to take flight until after facebook opens and then we must wait i think 120 days before selling..

Customer:

we bought half million in stock through a group we own 1/2cmillion in the overall

LADY LAWYER :

It does not make a difference when you sell it it only matters that it was bought during the marriage.

Customer:

won't the court want to split? or i suppose we can just leave as is however who manages it

Customer:

so it would be 250,000 as an asset not a payment correct

LADY LAWYER :

No, they will leave it together and order that once it is sold, you are to split it.

Customer:

i mean i would have to have the group clarify my shares apart from his and

Customer:

have them issue me a seperate certificate

LADY LAWYER :

That can all be done prior to the sale, yes.

Customer:

ok just got your earlier missive --so the offer he has nade me for 100 thousand plus car must be sepetate and in addition to stock as i must live

Customer:

boy oh boy my spelling

LADY LAWYER :

If the divorce decree is issued before you sell the stock, then they will put in a provision that the stock is to be split upon the sale.

LADY LAWYER :

:) No worries.

Customer:

what about his claim that i have to take on his real estate losses from trust which has properties in it from before our narraige?

LADY LAWYER :

Okay, let me try to explain.

LADY LAWYER :

You two can agree to any kind of split you want to.

LADY LAWYER :

You can take 30 percent and he can take 70--as long as you agree to it.

Customer:

gotcha

LADY LAWYER :

But, if you went to court and let a judge decide, then everything that was bought during the marriage is going to be split 50/50.

LADY LAWYER :

Now, the deal he is offering you may be a better deal than what the law allows you to have.

Customer:

so it may be smart to go forward to court?

Customer:

yes it may this is very helpful

LADY LAWYER :

It depends on how much was made during thhe marriage.

LADY LAWYER :

You probably will not be eligible for spousal support because of the length of the marrige.

LADY LAWYER :

marriage

Customer:

he is retired and a multi millionaire we arr both older he is 80 i'm 66 however he did make substatial investment of a million and had return of about 400,000

Customer:

no pre nup i was told about only 80,000

LADY LAWYER :

Okay. You do have an attorney, correct?

Customer:

could have made more working

LADY LAWYER :

You are not using one of his, right?

Customer:

i have an attorney i'm consulting my husband refuses to mediate its his way or the highway and wants to privately agree

Customer:

he wants me to use his attorney and have them draw papers --mind you not to divorce but to assure me if i leave now or within year this is what i'll get and no more

LADY LAWYER :

Well then you should consider court. If even to find out about all the assets and liabilites during the marriage.

Customer:

correct he will add a certain amount every year i stay

LADY LAWYER :

You can still settle before trial, but at least he will be forced to mediate.

Customer:

liabilities?

LADY LAWYER :

Do NOT use one of his attorneys.

Customer:

okay

LADY LAWYER :

Any debts during the marriage.

Customer:

like what?

Customer:

we have no debts

Customer:

he had had real estate losses on a few properties in his trust which i inherit mind you if he dies but i own nothing now and i'm not on trust except

Customer:

trust in his name alyho all to me in the event he dies

LADY LAWYER :

Okay. Then you don't need to worry about it.

LADY LAWYER :

It would just be like credit cards, etc.

Customer:

we pay off each month

Customer:

okay then he cannot charge me with his business real estate losses

LADY LAWYER :

Okay, then it is moot.

Customer:

very clear thanks so much

LADY LAWYER :

Not if they are business losses from a corporation, LLC, partnership, etc.

LADY LAWYER :

You are welcome!

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