Force sell of LLC by Spouse?

[Sw3tflower]

Calif
My husband of 26 years formed an LLC 5 years ago (bought a medical building) His business (a corporation located in his building) is almost bankrupt. We have had no salary for 2 years.
He bought the LLC with community funds (refinancing and equity home loans, retirement funds, college funds etc) without my knowledge or permission.
His partner in the LLC has offered to buy him out, rent him the same space he has now and let him buy back into the LLC when he gets on his feet again.
He has refused.
Can I force the sale to prevent bankruptcy?
If so, can I have half of the proceeds (after paying off debts) put into a my personal account and half into his so he cannot use my retirement etc. without my permission?

 

[HomeGuru]

Calif
My husband of 26 years formed an LLC 5 years ago (bought a medical building) His business (a corporation located in his building) is almost bankrupt. We have had no salary for 2 years.
He bought the LLC with community funds (refinancing and equity home loans, retirement funds, college funds etc) without my knowledge or permission.
His partner in the LLC has offered to buy him out, rent him the same space he has now and let him buy back into the LLC when he gets on his feet again.
He has refused.
Can I force the sale to prevent bankruptcy?
If so, can I have half of the proceeds (after paying off debts) put into a my personal account and half into his so he cannot use my retirement etc. without my permission?

**A: you need an attorney like yesterday. What the heck have you been waiting for?

 

[Sw3tflower]

yesterday's attorney

I tried to get a divorce. No attorney would take the case because of all the legal/financial complications including potential bankruptcy. They insisted on approx. $8,000-$10,000 from me just to start the process. My husband has all the money.
I did hire an attorney a couple of years ago to find out about my financial position and force my husband to give me access to our finances. I used my personal MM account. (now closed) Shortly after paying $4,000 he had a severe stroke. I was left with no information and less money.
Can I use the LLC attorney he and his partner use?

 

[HomeGuru]

I tried to get a divorce. No attorney would take the case because of all the legal/financial complications including potential bankruptcy. They insisted on approx. $8,000-$10,000 from me just to start the process. My husband has all the money.
I did hire an attorney a couple of years ago to find out about my financial position and force my husband to give me access to our finances. I used my personal MM account. (now closed) Shortly after paying $4,000 he had a severe stroke. I was left with no information and less money.
Can I use the LLC attorney he and his partner use?

**A: so you have no checking or savings account?

 

[Sw3tflower]

hard to believe

Hi
No, no personal checking or savings account. No credit cards. No shared accounts.
I used everything I had to help pay college expenses for my daughter, household expenses, food....it's gone now.

 

[Sw3tflower]

No other advice?

The silence must mean no hope.
Thank you anyway.

 

[oldman9]

Can I force the sale to prevent bankruptcy?

You cannot "force" the sale of the property without the consent of the other partner!!! If he ALREADY offered to buy you out, why not do so (so that you don't have to "force the sale")??

If so, can I have half of the proceeds (after paying off debts) put into a my personal account and half into his so he cannot use my retirement etc. without my permission?

Yes, you can split the proceed with your husband, but that is community property!! Based on his track record, he CAN (and probably will) use your funds again.

A side note, if he owns a CORP, then the CORP can file bankruptcy, not YOU and HE!!

 

[Sw3tflower]

confusion about community property

Any proceeds I recieve would be used to retain an attorney and get a divorce.
I admit ignorance (lots of it).... You say the corp can file bankruptcy but not me and him. If the corp pays him a salary but is not able to pay it because there is not enough money, doesn't that mean I can file for bankruptcy?
If my husband refuses his partner's buy out offerI have no say.
I didn't realize, do you mean ALL proceeds from the sell of the LLC are considered community property even if they have been split 50/50 and put into personal accounts? I figured if the assets were split between us and put into seperate personal accounts, that money would be considered seperate, not community.

 

[Sw3tflower]

Found possible way to sell LLC

There is one attorney who represents both partners in the LLC. I called and discussed a little of the situation with him, skirting personal details, at the request of my husband's partner. You're right, I have no say, he does not represent me...however....he did listen.
The LLC partner later called me and said the attorney is going over the contract to see if there is a way to force the sell/buy out between partners in order to protect the interests of one partner. The problem being he represents both, but if one pertner is risking the interests of the other, can he intervene.