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    ddad's Avatar
    ddad Posts: 3, Reputation: 1
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    #1

    Apr 11, 2007, 09:38 PM
    How is a Small Company (LLC) handled in a Divorce
    A husband is the President of a small company that is an LLC and the wife is the VP. The couple divorce. The company was created during the marriage in Pennsylvania. How is the company disposed of? Is it considered as marital property subjected to 50/50 or Equitable disposition? What is the wife's rights as to keeping her position in the company?
    Although she did not do the physical work, she maintained the billing and tax records. Must the company be dissolved and the assets divided or can it continue as is? There are two children involved.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 11, 2007, 09:59 PM
    There is no way to answer that.

    Who gets the company will depend on your divorce agreement.

    I am assuming that currently, husband owns 50% and wife owns 50%?

    You will need a divorce attorney and will have to settle this matter along with all other financial matters.

    If the husband owns 100%, he most likely can fire the wife, but that would make the wife's case for alimony much stronger.

    Again, talk with a divorce attorney.
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