Possibly...it really depends on the nature of the business. If its a business with fixed assets and/or contracts, and could be run by someone other than you, then yes, its likely to be considered to be an asset to be divided.What is the name of your state (only U.S. law)? NJ
If an LLC business is established during a long term marriage, is the spouse entitled to a percentage of business? If yes, how much? I am the sole proprietor listed on papers filed.
The value/equity of the tools and the work truck may figure into the division of marital assets, but that is all. You are simply self employed.Thank-you for the information. I am a carpenter. The business relies solely on my personal labor/skills. There are no contracts, no huge amount of assets (some tools & work truck). It is not a business someone would want to buy.
It matters, but the end result may not be much different.I have 3 employees. Does that make a difference? 90% of my work is as a sub-contractor for 1 person.
Spouse will be entitled to 1/2 of marital assets. The money in those accounts is almost certainly a marital asset. You can not hide that money somewhere - you will need to account for itWhat about bank accounts in business name? (Checking, Money Market, Savings accounts in business name) Would spouse be entitled to any of that? Spouse name was on checking account to sign checks (paid household bills w/business checks) I removed her from checking account back in January of this year.
Yes she is entitled to 50%. And what kind of problems are you looking for regarding business checks and household bills? Basiclaly you used the business account as a second household account.So, even though the business is in my name only, stbx has contributed nothing, business bank accounts are considered marital assets no matter what? Would it be 50% entitlement automatically, or is the fact that stbx has done nothing for the business be taken into consideration?
What kind of problems regarding business checks & household bills?
I really appreciate info you are giving me.
Did you do anything to contribute to her paycheck? Yet any money from her paycheck that went into marital accounts is joint. Similarly, any money you've earned in the business is the equivalent of a paycheck. The fact that you used the business account to pay marital expenses makes it a marital account.So, even though the business is in my name only, stbx has contributed nothing, business bank accounts are considered marital assets no matter what? Would it be 50% entitlement automatically, or is the fact that stbx has done nothing for the business be taken into consideration?
IRS rules on deductibility of expenses.What kind of problems regarding business checks & household bills?
I was responding to information mistoffolees said in previous message.Yes she is entitled to 50%. And what kind of problems are you looking for regarding business checks and household bills? Basiclaly you used the business account as a second household account.
Did you do anything to contribute to her paycheck? Yet any money from her paycheck that went into marital accounts is joint. Similarly, any money you've earned in the business is the equivalent of a paycheck. The fact that you used the business account to pay marital expenses makes it a marital account.
IRS rules on deductibility of expenses.
You already got your answer - she gets half.She did not receive a paycheck, no salary at all. Isn't the money I earned considered my salary, and that would be used for alimony/child support purposes? Would money markets/savings in business name be considered a marital asset as well?
You're paying household expenses from a business account. Doesn't sound legit to me.Everything is legit as far as taxes go. I follow rules there. Don't want any trouble!