Legal Question in Family Law in California
My wife and I are part owner's in a family business incorporated in Wisconsin but doing business activities in California. The other partners are all on her side of the family. I am considering divorcing my wife for infidelity and emotional cruelty. What are my chances? Can I expect to get anything? The business evaluates around $10mil.
1 Answer from Attorneys
It sounds as if you would get something, since you say you are both part owners. How much depends on how the shares are held, when and how they were acquired, and which state you are filing divorce in. Neither the state of incorporation nor the state in which the business is conducted will have much if any relevance to what you get. The grounds for the divorce, at least in California, would also have no impact on the division. If the shares are community property, then you would each get half the shares. Of course if there are other assets, you could give her all the shares in exchange for a larger share of the other assets so that the values even out. Alternatively, you could take your half the shares and sell them to the other shareholders, or the company might just buy them back. It's all open to negotiation once the ownership and value are established. If they are not owned as community property, then it gets complicated. You most likely would still have significant rights in the shares but the situation would be far too complicated even to make general recommendations in this kind of forum. If I can be of further assistance, please let me know.