divorce with limited liability corporation issues

[tyme16]

What is the name of your state? Texas
My husband has a limited liability corporation that I also work for. I'm told that also means that I am part owner automatically? How do things become separate in the corporation? Do I own half? Half of the income? Half of the assests? Halft of the debts?

[LdiJ]

Originally Posted by tyme16

What is the name of your state? Texas
My husband has a limited liability corporation that I also work for. I'm told that also means that I am part owner automatically? How do things become separate in the corporation? Do I own half? Half of the income? Half of the assests? Halft of the debts?

In a community property state, spouses automatically own 50% of the assets that accrued during the marriage, and are responsible for 50% of the debts.

Whether or not you have any marital interest in the LLC depends on many different factors.

[tyme16]

Thank you. Does ever having received payment for services within the company have anything to do with it? Do you know?

[LdiJ]

Originally Posted by tyme16

Thank you. Does ever having received payment for services within the company have anything to do with it? Do you know?

No, that has nothing to do with it. The main thing would be whether the business was established before or after the marriage, and whether or not the business has grown in value during the marriage.

[tyme16]

It was established during the marriage. So far this year we are carrying a loss. Because the LLC files taxes with the IRS under our 1040 I guess, it would all come out in the end. Just like any self-employment issue. Thanks for your help.