Shares of Business - Division of Payout


#1

During the marriage my spouse worked for her family business. When it was decided to close the business she and her sister received $10,000 which was the cost of their “shares” in the business. This money was then deposited into our marital account and we discussed using it to pay off accumulated debts. Instead the money was moved from checking to savings and then withdrawn by my spouse. Without my knowledge. I only discovered this as a part of my uncovering of financial discrepancies after she left and removed all financial paperwork from the home. Am I entitled to 50% of that money?

Also am I entitled to 50% of all of our savings which she retained in her savings account and would not despite repeated requests place into a joint account.

Am I also entitled to 50% of the value of our jointly owned timeshare that she stopped making our tax and maintenance fee payments on while allowing me to believe that she had been making them and instead was “pocketing” those monies as well for 3 years.


#2

You could be entitled to one-half of the business if any marital funds were invested in the business during the marriage or if marital funds were otherwise spent on the business.

Yes, you would be entitled to one-half the value of all savings accounts as long as the funds in those accounts were earned during the marriage. Title of the account is irrelevant.

Yes, you would be entitled to one-half the value of the timeshare if it was acquired during the marriage or with marital funds.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

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 only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

The family business (daycare) was owned and operated by her family. She and her sister worked for the business. When her mom decided to retire, she sold the business and gave each daughter $10,000+ for the value of their “shares” of the business. The business was started by my mother-in-law’s parents (wife’s grandparents). In any case, the monies paid out were placed into our marital accounts being co-mingled with our marital funds (moved from checking to savings) and then she withdrew all of it and I have no idea what happened to the money. It wasn’t used to pay bills as we agreed and it simply disappeared. So, am I entitled to half of that money or not?


#4

She closed the business, sold the buildings.


#5

The money your wife received from the payment of the shares is likely her separate property that you would not be entitled to unless your wife was awarded the shares as compensation during the marriage. In that case, you may be entitled to one-half of the value of the shares payment.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

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 only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#6

Yes, she was awarded the cash for the shares during our marriage. As I stated, she received a check for over $10,000 which was deposited into our marital checking account. She later moved it to our savings and then she took it all out and I have no idea what happened to the money. It should have remained in savings if it wasn’t used to pay for our debts (which the debts were NOT paid). So she may have hidden it somewhere or in someone else’s name.


#7

Would there be a reason that I would NOT be entitled to one-half of the value of the shares payout?


#8

You would not be entitled to one-half the value of the shares if the shares (not the money for the shares) were awarded to your wife before the marriage. This would be her separate property and the money she received from the shares would remain separate property.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

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 only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.