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This is question for a lawyer specialized in Divorce. The shares of one of the couples in an LLC is also subject to split with spouse under a Divorce? Even 1% share in the LLC?
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Answered in 4 minutes by:
11/21/2017
socrateaser
socrateaser, Lawyer
Category: Family Law
Satisfied Customers: 40,061
Experience: Retired
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If the LLC was created during marriage and marital assets were used to start and operate the LLC, then the LLC value is subject to division upon divorce.

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Customer reply replied 7 months ago
Thanks. Related to the previous question the fact is that they have had been leaving split during the last 7 years. She doesn’t even know where he is, so she has not been able to Divorce and recently created an LLC with somebody else. She wanted to know if she will have to give 50% to her rights in the LLC to her absent 7 years husband and she be able to annul the marriage.
Customer reply replied 7 months ago
Sorry, need to rephrase the question due to typing mistakes:
Thanks. Related to the previous question the fact is that they have had been separated during the last 7 years she do not even know where he is, so she has not been able to Divorce; she recently created an LLC with somebody else and wanted to know if she will have to give 50% to her rights in the LLC to her absent husband when she be able to annul the marriage.

Answer depends on state jurisdiction. Example: In California, legal separation occurs when one party physically separates from the other and intends that the marriage is over. In many (most) other states (e.g., Texas), legal separation doesn't occur until filing of the petition for dissolution/divorce.

At legal separation in a community property jurisdiction all ongoing earnings are separate property. If the party forming the LLC uses only separate earnings and personal effort to form and operate the LLC, then it would be entirely separate property.

In an equitable division state, or community property state where separation occurs at petition for dissolution/divorce, the court may fairly divide the property interests in the LLC (which may or may not mean no interest for the non-participating spouse), or the court could divide the LLC 50/50 or in whatever proportion the court deems fair, given the totality of the parties' respective financial circumstances at dissolution/divorce.

The point of all of this is that if you're in California, the rules are pretty well settled (because, everything gets litigated in California -- way too many lawyers looking for something to do). In other states, the issue may be entirely left to the "broad discretion of the court" (which is legalese for the judge gets to make it up as he/she goes).

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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Customer reply replied 7 months ago
Where can i find the type of state is each one, particularly Virginia and Florida? I will close this after this last answer

Virginia and Florida are each equitable division states. Searching for specific case law for each jurisdiction to determine if there is a precedent re transactions occurring after physical separation but before divorce would probably require about an hour of my time. I can't do that in this forum (because I receive the rough equivalent of a Starbuck's mocha and a brownie to answer questions here).

If you are interested in having some comprehensive case law research done (via my subscription to Westlaw® (which is the same research system used by every state and federal court in the USA), I will send you an offer of direct correspondence. If not, then I understand entirely.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

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socrateaser
socrateaser, Lawyer
Category: Family Law
Satisfied Customers: 40,061
Experience: Retired
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