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Asad Rahman
Asad Rahman, Lawyer
Category: Family Law
Satisfied Customers: 2134
Experience:  Practicing Attorney with 10 years experience
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My parents are currently thinking about divorce. No one has

Customer Question

My parents are currently thinking about divorce. No one has actually used that word, but I have known them for 27 years and know that it is coming - it could be in as little as weeks but even as long as months.
I currently work for my dad's company. I am wondering the legal logistics of their divorce with the business. Does she now control 50% of the business if they do get divorced? Can she force an audit of the business and force us to pay her in cash half of the value of the company? What if he transferred a portion of the business to me, or a portion to someone else? At what point does her legal reach extend? What if (for arguments sake) he transferred 100% of the company to me. If he did that prior to the divorce, would that be beyond her legal reach? Thanks for your help!
Submitted: 10 months ago.
Category: Family Law
Expert:  Asad Rahman replied 10 months ago.

If he opened the business prior to their marriage then it is his, but if he opened it after the marriage it is part of the marital estate. California does not necessarily split things 50/50, but looks at an equitable division of the estate so he may get the whole business and she might get the house, for example depending on the value of everything. He may not have authority to move all of the business to you at this point without her consent as it would be marital property.

Customer: replied 10 months ago.
For the last 5 years I have received a bonus check from the company because my dad has told me that I own 20% of the company. I don't think he has ever legally figured that out. What are the logistics there?
Expert:  Asad Rahman replied 10 months ago.

Unless you have a stock certificate or some proof of the same, then it would be hard to enforce, if something unfortunate were to happen to your Dad.

Expert:  Asad Rahman replied 10 months ago.

Let me know if you have any additional questions. Otherwise a positive rating of 5 stars would be greatly appreciated.