Legal Question in Family Law in Georgia
How do I protect my business?
I have a new small business with a partner that is not yet producing enough income to live on. I am buying my partner out and will soon own 100% of it. My wife is retiring and wants to work in the business, performing the duties previously performed by my partner, and taking on more as the business grows. She thinks this will pull us closer together. There have been questions between us about divorce. Neither of us is there yet, but it is a possibility. If we do divorce, will her involvement in the business or any other circumstance give her claim to any portion of the business? If so, what can I do to prevent that? If I have to share the income, I'll likely not have enough to live on for a while. She, on the other hand, has a pention that will provide enough to live, though not much more.
1 Answer from Attorneys
Re: How do I protect my business?
There are two separate issues at work in your situation. The first is a domestic issue. if you get a divorce, the settlement agreement or divorce decree would determine how you split marital assets, which presumably would include your business, regardless of her participation.
The second issue is her involvement in the business. There are many ways she can become involved. How exactly depends on the type of business, its tax status, etc. In other words, you can take her on as an employee and pay her a salary and she will not have any equity ownership in the company.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
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