Legal Question in Family Law in California
Founder's stock
In May of 1976, I was one of 5 founders of a company and received founder's stock subject to a repurchase agreement which essentially required me to remain an employee of the company for three years or else the company had the right to repurchase the stock. I was married in September of 1976. The company did not go public until 1983 so I did not make any money from the stock until then when I could sell the stock. The question is: Is the money that I gained when I sold the stock all mine, partially mine, or completely community property.
Thanks.
2 Answers from Attorneys
Reply: Founder's stock
Based upon the limited information that you have provided, in a general sense it sounds like the gain is separate property, subject to having more information than was provided in your question. There are several variables that you have not addressed.
If you want a specific opinion regarding your individual circumstances, I suggest that you consult with an experienced family law lawyer. Experience is not expensive, it's priceless!
You will find some valuable information on various California family law issues at my web site.
Good luck to you!
Brian Levy, Esq.
www.calattorney.com
Re: Founder's stock
Based on the provided information, it all depends on the original agreement. For instance, if in the agreement it states it is for compensatory for future work, it is probably community property. Please keep in mind that this opinion is based on very limited information. I will need more detail information to answer this question more thoroughly. Contact my office (listed below) if you wish to discuss further. Warmest regards.
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