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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