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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 42871
Experience:  30 years in civil, probate, real estate, elder law
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6-12-16 My wife and I are getting a divorce but e 't want to

Customer Question

6-12-16
My wife and I are getting a divorce but e don't want to split the assets.
Can a LLC be form in which we become business partners for the purpose
of still holding on the assets? If we wanted to sell back to each other or sell
to someone else can that still be done? Would the amount or percentage of
the assets going to one or the other be what we could agree on ?
Joe Leal
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Hi and welcome to JA.Ray here to help you tonight.

You could form an LLC here and the divide up the ownership 50-50%You would include a buy/sell in the LLC operating agreement that allows the other partner first option to purchase the remaining 50% from the other before it is offered for sale to third parties.You would want to do this prior to filing for divorce and then the settlement agreement can reflect the 50-50% split under Texas community property law.

This would be the best way to proceed here to set up the LLC prior to filing for divorce and the n the property settlement shows it as 50-%0 ownership for each party from the divorce.

I appreciate the chance to help you tonight.Thanks again and the best with all of this.

Expert:  Ray replied 1 year ago.

You can set up the LLC as you want , put assets in it and then divide it up in a settlement agreement.As long as the parties agree and sign off the court likely would approve it here.