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LLC rights if divorce

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cobetty11

Junior Member
What is the name of your state? CO

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 the only named 'member' of the LLC and I am not on it anywhere, but do 'work' on our projects. My question is the following...in the case of a divorce do the assets split 50/50 as well or did I just give him free money??
 


JETX

Senior Member
cobetty11 said:
My question is the following...in the case of a divorce do the assets split 50/50 as well or did I just give him free money??
That depends on the terms of the LLC. You need to go see a local attorney who can review ALL the facts.... and decide.
 

JETX

Senior Member
drea15ss said:
State: NC
Don't hijack someone elses thread.
It is both rude (in diverting attention from them to you) and confusing (when you assume a response is to you when it isn't).
Delete your post in this OTHER persons thread and start your own.
 

JETX

Senior Member
drea15ss said:
It was not my intention to "hijack" her thread. It was my intention to form communication with her, i.e. let her know my situation so that we may share info. That is what this form of posting is - share information, advice, etc. Maybe if you don't have any substantial advice you should refrain from posting altogether.
Lets see... the OP is in Colorado... subject to Colorado laws.
You are in North Carolina... which is NOT subject to Colorado laws.
So, EXACTLY what "sharing of information, advice, etc." would be of benefit to either of you??? Of course, the answer is.... NONE!

And of course, your asking questions about YOUR situation in someone elses thread..... IS hijacking!!

Your failed attempt to justify your stupidity is... just that!! What a nitwit!!
 

drea15ss

Junior Member
Ask your question under Family Law

Cobetty,

I think you may have better luck getting some information if you post this under Family Law - Divorce section. I added my post there and received some good information. It may be different for your state. But I was told that because I am a managing member of the LLC along with my husband, that a number of things could happen.

1. The LLC could disolve and the assets would be divided.
2. The LLC could go on existing and one member could buy the other out. or
3. The LLC could go on existing and we both remain managing members of the LLC - just divorced.

From the information I got (and again this may differ depending on your state) it sounds like a simple fix might be to add yourself to the LLC as a managing member. (if that is possible) It was real easy in NC to add myself on - I just did it with the annual filing and my husband signed it. You could probably look at the forms online with the secretary of state in CO to determine what needs to be done to add you to the LLC. http://www.sos.state.co.us/pubs/business/main.htm

Someone also told me that everything should have been laid out in our operating procedures - However, we don't have any operating procedures and I suspect that you and your husband don't either. Anyways,I hope that helps.

And again, I would try your post in the Family Law section.
 

seniorjudge

Senior Member
drea15ss said:
Cobetty,

I think you may have better luck getting some information if you post this under Family Law - Divorce section. I added my post there and received some good information. It may be different for your state. But I was told that because I am a managing member of the LLC along with my husband, that a number of things could happen.

1. The LLC could disolve and the assets would be divided.
2. The LLC could go on existing and one member could buy the other out. or
3. The LLC could go on existing and we both remain managing members of the LLC - just divorced.

From the information I got (and again this may differ depending on your state) it sounds like a simple fix might be to add yourself to the LLC as a managing member. (if that is possible) It was real easy in NC to add myself on - I just did it with the annual filing and my husband signed it. You could probably look at the forms online with the secretary of state in CO to determine what needs to be done to add you to the LLC. http://www.sos.state.co.us/pubs/business/main.htm

Someone also told me that everything should have been laid out in our operating procedures - However, we don't have any operating procedures and I suspect that you and your husband don't either. Anyways,I hope that helps.

And again, I would try your post in the Family Law section.

https://forum.freeadvice.com/showthread.php?t=283254

https://forum.freeadvice.com/showthread.php?t=283255

It is also rude to post your question repeatedly.
 

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