Q: I want to divorce my wife of 3 years does she have legal claim on S Corp I am partners with my father?
I live in Massachusetts.I have been married 3 years, 2 years ago my father transferred his sole proprietership business he had for 35 years to an S Corp and brought me in as partner. All of the equipment is titled in his own name and all loans are under his name not the Corp name. Does this equipment legally belong to him or is it asset of the S Corp? Can we disolve the S Corp before I file for divorce and he can just employee me or lower my partnership to 10% instead of 50%. I don't want to see my father lose everything he has worked his entire life for.
We also have a 4 year old son I want custody of and my parents own the house we rent.
A: You may well be complicating your divorce in an adverse way to you if you take the actions you are contemplating. You need a divorce attorney to represent you and go over the best options. Usually in a short term marriage there is return of the parties to the situation immediately prior to the marriage and division of any assets acquired and added to is the issue. Child support and custody are usually the dominant issues in short term marriages although there may be some potential alimony issues to address depending upon the income situation and circumstances of the parties.
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