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Forming a Corp. during failing mariage
Seattle, WA
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Posted 3 months ago in Corporate / Incorporation
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I would like to start a business, likely a corporation. However I am uncertain if my marriage will continue.
My (limited) understanding of WA law is that he would be enitled to half of the our money and assets upon divorce. I feel comfortable that any of our money or his time that goes in to this business should be considered if a division of our assets occurs. As I do about monies spent on property he co-owns. Fear that I would have to disolve or sell the business to compensate him for its value at the time of divorce and potential impact on partners or employees prevents me from moving forward with this project. How can I prevent my husband from 'owning' part of the business, rather than just being entitled to his portion of our money and compensation for his time?
Additional information
Ok so I see that with the aid of a corporate lawyer (which I will need anyway) I can clearly define ownership via the incorporation documents. Now, if we divorce is he entitled to half my share/shares in the company via family law? Is this component better served by another section of Avvo? Answers (1)
Mark L Rosenberg
This attorney is licensed in Dist. of Columbia and 1 other state.
Posted 3 months ago.
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You should definitely avoid having your husband own a portion of the company if he is not going to work for the company. Even if he is going to work for the company, having him as an employee would be preferable to him having an ownership interest if your marriage dissolves. Consult a corporate attorney to assist you in preparing the paperwork.
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