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Maverick, Lawyer
Category: Family Law
Satisfied Customers: 6391
Experience:  20 years of professional experience
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My wife and I have been married 21 years, file a joint tax

Customer Question

My wife and I have been married 21 years, file a joint tax return, and have joint bank accounts. she has an LLC in Virginia formed under both our names. She is now purchasing a piece of commercial property and forming a new LLC with only her listed as an owner. In the event of a divorce, will all the assets of the business not be subject to the division of assets?
JA: Can you tell me what state the LLC is registered in?
Customer: VA
JA: Has anything been filed or reported?
Customer: Has the paperwork been filed?
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 10 months ago.
Category: Family Law
Expert:  Maverick replied 10 months ago.

Welcome! My name is***** give me a few minutes to analyze and/or research your inquiry and I will be back.

Expert:  Maverick replied 10 months ago.

This is the closest VA case that I could find on this issue:

2012---Neuhs v. Neuhs, Va. Ct. of Appeals, Unpublished, No. 2381-11-3

HELD: The trial court did not err in classifying an LLC owned by the parties as marital, despite fact that real estate parcels held by the LLC were either acquired by husband prior to the marriage or acquired in exchange for property owned by husband prior to the marriage. Though husband testified that he never intended that wife have any interest in the LLC, Wife testified that the LLC was formed because the parties were looking for a way to acquire real estate for investment purposes for their immediate needs and for their retirement. Both parties were involved in the operation of the LLC, regularly conversed with the tenants, organized and paid for repairs, received and deposited rent payments, had joint signatory authority on the bank accounts of the LLC, and frequently commingled LLC funds with their personal bank accounts.

SO, it appears that since this LLC is being funded with marital property and because the LLC was formed during marriage, its membership interest should still be subject to equitable distribution rules. But, the more proof you have of your participation in its operation, the better.

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