Will my wife get any share of my non profit in a divorce? 15 Answers as of August 20, 2011If my mother is the president and main officer and I'm VP can my wife have interest in the company although its non-profit in a divorce? My mom applied for a provider and we have been getting paid through medical and cash. The business was established two years after I got married.
Law Office of Robert L. Fiedler | Robert L Fiedler
From the sound of it, she is involved in the entity and would be able to claim a marital portion. Exactly what that would be, given the nature of the business, is uncertain. Is there a value to it? Can you buy her out of her share of the value?
Answer Applies to: Connecticut
Law Office of Michael W. Bugni | Jay W. Neff
First, some background on property division in a divorce. If the two of you can agree on how to divide the property, then, the two of you can divide it just about any way you want. However, if the two of you are unable to agree, then, it will be up to the court to divide the property and debts. If the court is going to divide the property, it first has to classify it. All of the property is going to be classified as your separate property, her separate property, or community property. Which of these classifications a particular piece of property falls into will depend on how and when the property was obtained. In most cases, property obtained during the marriage will be community property. Once the property is classified, how it gets divided will depend on a number of factors. Some of the factors that the court may consider are: the duration of the marriage, the ages of the parties, the health of the parties, the educational background of the parties, the employment history of the parties, and each party's future prospects. The court then has to come up with what the court believes is a fair and equitable division of all of the property using these and other factors. Now, if there is enough community property so that the court can come up with a fair division using just the community property, the court will generally do that. However, if there is not enough community property for the court to reach what it believes is a fair division, then, it can invade separate property. Now, as to your specific case: It seems to me that it is not going to depend on whether the business is a nonprofit. It will depend on what the business is worth and what other property is there to be divided. After all, even a nonprofit may have assets of value.
Answer Applies to: Washington
Reeves Law Firm, P.C. | Roy L. Reeves
If you are a shareholder, then your wife has a claim for a portion of your interest. That said, why would she want it? A non-profit is by definition worth little or nothing other than the income you derive and she cannot reasonably expect to be given a job and income from the company.
Answer Applies to: Texas
Bagwell Holt Smith Jones & Crowson, P.A. | John G. Miskey IV
Your Wife can request an equitable distribution of the marital assets and debts. This may include your interest in any business. However, an attorney can help you assess your case and the best way to a settlement.
Answer Applies to: North Carolina
John E. Kirchner, Attorney at Law | John Kirchner
Your wife is entitled to a fair share of all the marital property. Clearly, at least some of the value of the company will be considered marital property and added to the total marital property category. Part of the divorce process will involve determining what the company value is, what is the marital portion, and how is that value to be handled in the overall settlement. The question of how it is to be handled is for you and your wife to decide, if at all possible. If you cannot agree to how the overall property settlement is to be resolved, a judge will do it for you based on what appears to be a fair, common sense solution to the disagreements. You will probably need a qualified expert to determine the company's value and you definitely need the services of an attorney experience in handling divorce cases.
Answer Applies to: Colorado
Beaulier Law Office | Maury Beaulier
As a vice-president, you do not have and cannot have an ownership interest in a non-profit corporation. As a result, there is no property right to divide in a divorce. The stream of income, however, may be an issue in the divorce supporting an award of greater property to your spouse or even supporting an award of spousal maintenance depending on the facts of the case.
Answer Applies to: Minnesota
The Law Office of Erin Farley | Erin Farley
I don't have enough information here to determine if a fair and equitable distribution of property would include any share of the non-profit. And I don't have enough information to determine if the non-profit has any value at all. Basically, California is a community property state. The general rule is that property and debts acquired during marriage are the property and/or debt of both spouses equally. That said, *everything is negotiable* and keep in mind that assets and debts can be divided on a scale, ie., "you take this, in exchange for that". *Please be aware that I do not have access to the factual situation underlying this question; as such, I can not give competent and complete legal advice and no attorney-client relationship has been created by my response.
Answer Applies to: California
The Davies Law Firm, P.A. | Robert F. Davies, Esq.
If the business is owned by you or your wife or both, then she is likely entitled to a part of it. I would need more information to tell you. I can help you with this. And I will tell you up front what it will cost to do this for you. Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Answer Applies to: New Jersey