Protect my wifes Bus. for my Ex.

[La-Poorboy]

What is the name of your state?Louisiana'

My wife wants to start a business, but how does she protect it from my Ex-wife? The way I understand it, My ex-wife can claim it for Child support. Can we Incorporate it? What kind?



Louisiana-Poorboy

 

[legalcuriosity]

What is the name of your state?Louisiana'

My wife wants to start a business, but how does she protect it from my Ex-wife? The way I understand it, My ex-wife can claim it for Child support. Can we Incorporate it? What kind?

As long as your name is not tied to it, your ex can not touch this. It would be in her very best interest to consult a small business attorney.

 

[nextwife]

She SHOULD consult an attorney. Perhaps a post nuptial agreement establishing the business as solely hers, and she should really borrow or use her OWN funds as startup capital, rather than use marital funds. And it should be as an LLC or Corp.

 

[Sorrowful End]

What is the name of your state?Louisiana'

My wife wants to start a business, but how does she protect it from my Ex-wife? The way I understand it, My ex-wife can claim it for Child support. Can we Incorporate it? What kind?



Louisiana-Poorboy

I notice you said can WE incorporate it. Will you be "working" for this business at all?

 

[whyUcryin]

??????

I notice you said can WE incorporate it. Will you be "working" for this business at all?

What business is that of yours???

 

[LdiJ]

What business is that of yours???

Because that could make a very big difference in the legal answer to the question.

 

[Sorrowful End]

Because that could make a very big difference in the legal answer to the question.

EXACTLY....

 

[RCBricker]

Not to steal this thread...but I have a similar question.

First lets lay the ground work so everyone understands the question.

****Also please link any research that is used to answer this question I am giving myself a headache trying to find this stuff on the internet*****

Residency of Child - NY
My state of residency - TN
Business state - TN

I recently graduated from college and a friend and I are looking to start a buisness. I have a child with my ex-wife. I am looking to protect the company from her. It is not fair to my future partner nor to the existence of the company if she is able to come by and snatch up 17% of the company simply because I own part of it.

Now before anyone starts sweating in the anticipated chance to flame me, let me make this clear.

The company will pay me a salary greater than I currently make. Any and all paychecks, bonuses, profitsharing, dividends, etc. will have the 17% garnished out and sent to the NY State collection agency.

My concern is not getting out of paying child support. My concern is that she will try and get 17% of the company profits even if they are used for reinvestments, expansions, R&D etc.

Here come the questions:

Does anyone know the rulings that NY may have on situations like this?
Has there been cases ruled on in other states?
Is there a business structure that I can use that would forestall her ability to try and take CS out of the company?

PS

One last point...I cannot take my name off the company charter as it would be obvious that this would simply be to forestall her attempts at CS. I have a dual MBA and my partner has over 10 years practical experience. There is no way that I would be able to prove that this company was not started by the two of us together and as such that I am anything but a partner.

Thanks for the help.

 

[haiku]

What business is that of yours???

hahahahahaha!!!!!

 

[Just Blue]

Not to steal this thread...but I have a similar question.

First lets lay the ground work so everyone understands the question.

****Also please link any research that is used to answer this question I am giving myself a headache trying to find this stuff on the internet*****

Residency of Child - NY
My state of residency - TN
Business state - TN

I recently graduated from college and a friend and I are looking to start a buisness. I have a child with my ex-wife. I am looking to protect the company from her. It is not fair to my future partner nor to the existence of the company if she is able to come by and snatch up 17% of the company simply because I own part of it.

Now before anyone starts sweating in the anticipated chance to flame me, let me make this clear.

The company will pay me a salary greater than I currently make. Any and all paychecks, bonuses, profitsharing, dividends, etc. will have the 17% garnished out and sent to the NY State collection agency.

My concern is not getting out of paying child support. My concern is that she will try and get 17% of the company profits even if they are used for reinvestments, expansions, R&D etc.

Here come the questions:

Does anyone know the rulings that NY may have on situations like this?
Has there been cases ruled on in other states?
Is there a business structure that I can use that would forestall her ability to try and take CS out of the company?

PS

One last point...I cannot take my name off the company charter as it would be obvious that this would simply be to forestall her attempts at CS. I have a dual MBA and my partner has over 10 years practical experience. There is no way that I would be able to prove that this company was not started by the two of us together and as such that I am anything but a partner.

Thanks for the help.

Start you own thread..