Giving Away $

[cobetty11]

What is the name of your state? Colorado

My husband and I do light remodeling and design work and have opened up an LLC a couple of years ago. Upon opening we both put our $ into this from 2 joint accounts. We recently bought some real estate under the LLC as well. My husband is a named 'member' of the LLC and I am not o on it anywhere, but do 'work for free'. My question is the following...in the case of a divorce does this split 50/50 as well or did I just give him free money??

 

[LdiJ]

What is the name of your state? Colorado

My husband and I do light remodeling and design work and have opened up an LLC a couple of years ago. Upon opening we both put our $ into this from 2 joint accounts. We recently bought some real estate under the LLC as well. My husband is a named 'member' of the LLC and I am not o on it anywhere, but do 'work for free'. My question is the following...in the case of a divorce does this split 50/50 as well or did I just give him free money??

Why the heck didn't you insist on also being a member of the LLC? Get yourself an attorney.

 

[dallas702]

Holy crap. What were you (not) thinking? Not just any lawyer, but he/she better be a good one. Make sure he/she specializes in family law. You'd be amazed at how many people go grab some PI or contract attorney who says "I can handle this", and then proceeds to lose everything for their client.

 

[cobetty11]

CO

The lawyer who setup the LLC also did our Wills etc. We had set it up this way in my recolection due to tax advantages as well as differences in operation. At the time I had asked this specific question to the lawyer and he stated that I would get 50% and not to worry. Sounds like he may only be looking our for the best interest of my husband is what I am hearing. Is there any document/addendum I can have drawn up stating this exact scenario if we do not wish to modify how it functions? Even though I am still married etc. should I get my own lawyer?

 

[LdiJ]

CO

The lawyer who setup the LLC also did our Wills etc. We had set it up this way in my recolection due to tax advantages as well as differences in operation. At the time I had asked this specific question to the lawyer and he stated that I would get 50% and not to worry. Sounds like he may only be looking our for the best interest of my husband is what I am hearing. Is there any document/addendum I can have drawn up stating this exact scenario if we do not wish to modify how it functions? Even though I am still married etc. should I get my own lawyer?

There was/is absolutely no tax advantage whatsoever in you not being part of the LLC. Also, I don't believe that CO is a community property state therefore you aren't automatically entitled to 50%. Yes, you most definitely need to consult an attorney....and yes, the previous attorney was looking out for your husband ONLY.

 

[cobetty11]

what type of lawyer

CO

Just so I understand it sounds like a need a lawyer specializing in Businesss Law??

 

[dallas702]

For any questions regarding the potential division of assets from a divorce you'll need a family law attny. For questions regarding your status and rights under the LLC you'll want an attorney who specializes in those legal entities. You'll need to show the documents to either one, but I'd visit on the LLC first, and depending on what you're told....maybe a divorce lawyer might be in order.

 

[InsuranceLadyAZ]

These answers are correct. You need to get yourself to a lawyer ASAP. Next time your gut tells you something doesn't seem kosher, listen to it!