My previous wife and I own a small strip mall. We put it in an llc. My second wife insisted she be added to the llc. I added h

Asked almost 2 years ago - Las Vegas, NV

her to the llc. Now we are divorcing. Does she own any part of the llc my previous wife and I own?

Attorney answers (3)

  1. 6

    Lawyers agree

    Answered . Possibly. If the transfer of ownership to the new wife was an authorized transaction under the operating agreement, she definitely owns part of it. If the transaction was not authorized under the operating agreement, she may have a claim, and you could be liable to the company or your previous wife for the wrongful act.

    Also, if the company grew in value due to your labor during the marriage, your new wife could claim part of that as community property. She has the right to the value of your labor, but not passive growth of an asset that was owned at the time of marriage.

    This is a very sticky situation and you are facing a minefield of legal problems. You need a family law attorney today.

  2. 5

    Lawyers agree

    Answered . You need to get into an attorney's office right away; there are a series of questions here:

    1) Was adding her proper?
    2) Was "your" act of adding her even effective?
    3) What if any interest did she get?
    4) Even if not effective, what is her community property claim to any increased value?
    5) Do you even own a piece any more?

    You need to get all the documents and your first divorce decree in for analysis.

  3. 2

    Lawyers agree

    Answered . I agree with my colleagues. You need to consult with a family law attorney ASAP. If the family law attorney is not familiar with business law issues, you may want to consult with a business attorney who can look over the paperwork from when you added the second wife to the LLC to determine whether the addition was properly completed and what she received.

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Related Topics

Divorce

Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.

Small business LLCs

An LLC (limited liability company) is a business entity that has elements of both a corporation and a partnership (or sole proprietorship).

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