Corporation and E.D


#1

Generally, unless you go to court, the division of property would be up to the two of you. If all of this property was accumulated during the marriage, the likely outcome in court would suggest a roughly equal split with an optional distributive award making up any difference. This is how we approach property distribution while negotiating separation agreements. Proper valuations of the assets will determine the degree of success of your distribution. No divorce is easy. Yours may be a little tougher. Get a lawyer and try to remain amicable. Dividing business’ in court can become VERY expensive. I hope this helps.

Richard “Bert” Diener
Attorney
The Rosen Law Firm
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
919.256.1535 direct voice
919.787.6668 main voice
919.787.6361 main fax
www.rosen.com

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

What about alimony? Would I be entitled to any?

quote:
Originally posted by Jackie
My husband and I own 2 businesses under a corporation in which I own 51% and he owns 49%. We own 1 home in which we live ($85000) owed and a vacation home ($120,000) owed both of which are fully furnished. We have 3 vehicles one of which is in the Corporation's name and the other 2 are in my husband's name. Can you give me some idea on how the E.D. would be based on the information I have given you? Thank you in advance.

#3

What about alimony for me? Since I own more of the business than he does would I be entitled? He operates the business’ I don’t think I could do it by myself if I had to because I haven’t been actively involved in the day to day operation over the years. The business could be sold but that would take a lot of time. My concern is how would I be able to live financially while they were tied up in the process of being sold. My portion of the business is 51% does that mean I would have to pay him alimony?
Thank you for your time and in advance for your help.

quote:
Originally posted by Bert Diener

Generally, unless you go to court, the division of property would be up to the two of you. If all of this property was accumulated during the marriage, the likely outcome in court would suggest a roughly equal split with an optional distributive award making up any difference. This is how we approach property distribution while negotiating separation agreements. Proper valuations of the assets will determine the degree of success of your distribution. No divorce is easy. Yours may be a little tougher. Get a lawyer and try to remain amicable. Dividing business’ in court can become VERY expensive. I hope this helps.

Richard “Bert” Diener
Attorney
The Rosen Law Firm
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
919.256.1535 direct voice
919.787.6668 main voice
919.787.6361 main fax
www.rosen.com

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.



#4

Dear Jackie:

Greetings. Alimony depends on the income of both parties. What is his gross (before tax) income on a yearly basis and what is yours?

Janet L. Fritts
Attorney at Law
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
NCDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#5

My husband and I own 2 businesses under a corporation in which I own 51% and he owns 49%. We own 1 home in which we live ($85000) owed and a vacation home ($120,000) owed both of which are fully furnished. We have 3 vehicles one of which is in the Corporation’s name and the other 2 are in my husband’s name. Can you give me some idea on how the E.D. would be based on the information I have given you?
Thank you in advance.