During our 30 year marriage my spouse and I jointly put effort & jt. funds into a realty business. He and his partner wrote a partnership agreement up and we all worked very hard and did well but now during divorce I'm not entitled to profits only losses? This business was 1st decided that I get !/2 his 50% partnership , then I was told it had to be separate from other divorce issues. I was offered a 25% partnership agreement 3 years ago and now he claims it was his and partners all along. That investment paid most of my family and my bills . Even though a spouse is not titled but that spouse worked for and contributed $ into that business during the marriage, isnt that spouse entitled to their 50% regardless of title or is that under a different equitble distribution law? Thanks
Basically you have two issues here. You are talking about partnership rights and your rights in a divorce. Under equitable distribution you are entitled to an equitable share (not necessarily equal) of any assets. Your husbands share of the business is an asset. You may need to get a business valuation. But you also mention that you were made a partner. That is separate from the divorce issue. If you were made a partner then you have partnership rights as per the partnership agreement, if there is one. If you are not a partner, but merely an employee, then you only have rights to a share of your husbands interest in the partnership. Speak to a lawyer as this can be complicated.
The above is a general answer and is not considered legal advice. You should contact an attorney before proceeding to take any legal action, signing any papers or upon service of a summons.
Yes. What the equitable share is will be subject to discussion (and equitable does not always mean 50-50) - but you should not be trying to negotiate this yourself. Get a lawyer!
Under the rules governing the conduct of attorneys in New York it may be necessary to remind you that this answer could be considered attorney advertising.
My colleagues are absolutely correct regarding the differentiation between the ED and the partnership agreement. You need an attorney as soon as possible.
I am an attorney with over a decade of experience in Matrimonial and Family Law with offices in Brooklyn and Manhattan. I have experience in all five boroughs as well is Nassau and Suffolk County. The opinion expressed in this ad based upon the limited information provided and do not indicate an attorney-client relationship
According to the NY Domestic Relations Law, assets and property acquired during the marriage, regardless in whose name, are presumed to be marital assets, subject to equitable distribution upon a divorce. A business established during the marriage is presumed to be marital. Since you mentioned that there is a partner, if we assume the partner owns 50% of the value of the business, then you and your husband own the other 50%. Since you are married for over 30 years, it makes sense that you and your husband should each receive 25%. If your husband claims that he owns the entire 50% he has the burden of proof to establish that it is his separate property. Please make sure you consult a competent matrimonial lawyer to represent you.
Sign up to receive a 10-part series of useful information and legal advice about the divorce process.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline