Am I Entitled To Part Of My Wife’s Business In Divorce?

divorceQuestion:

My wife owns her own law firm with a partner. Am I entitled to any of her business in the divorce?

Answer: 

I am not licensed to practice in your state and cannot provide you legal advice. However, I can give general tips regarding your situation based on the jurisdiction where I practice.

In almost any instance, you should have a property interest in your wife’s law firm partnership. In some states, property that was previously owned by just one party but used by the couple during the marriage can be converted to “marital property.” Knoxville divorce attorney Amy Smith

In community property states, all property owned by either party may be up for division between the parties. In other instances, individually owned property may be maintained by one spouse as “separate property.”

In short, it depends on many factors as well as the laws of your jurisdiction. However, if she operated the business during the marriage and used her income from the business for marital purposes, you are almost assuredly entitled to include the business in the marital pile for division.

Each asset, however, may not be divided between the parties. The court could assign a particular asset to one party and offset the value with another asset for the other party.

To arrange an initial consultation to discuss divorce rights for men with a Cordell & Cordell attorney, including Tennessee divorce lawyer Amy Smith, contact Cordell & Cordell.

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Shawn Garrison is an Online Editor for Lexicon, focusing on subjects related to the legal services of customers, Cordell & Cordell and Cordell & Cordell UK. He has written countless pieces dealing with the unique child custody and divorce issues that men and fathers face. Through his work on CordellCordell.com, CordellCordell.co.uk, and DadsDivorce.com, Mr. Garrison has become an authority on the complexities of the legal experience and was a content creator for the YouTube series “Dad’s Divorce Live” and additional videos on both the Dad’s Divorce and Cordell & Cordell YouTube channels. Mr. Garrison has managed the sites of these customers, and fostered the creation of several of their features, including the Cordell & Cordell attorney and office pages, the Dad’s Divorce Newsletter, and the Cordell & Cordell newsletter.

One comment on “Am I Entitled To Part Of My Wife’s Business In Divorce?

    We split the two family house, I live in one side and she rent her side. She never pay me her portion of the Mortgage in time she always pay by the end of the month which put me in financial problem trying to pay the whole Mtg in the first week of the month to avoid penalty and to protect my credit also to secure my living in the house. Please advice

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