Legal Question in Business Law in Iowa
distributions of lls during divorce
wife and i have llc (women owned), operating agreement i'm looking at signing gives her 6 figure sallary whereas I'm staying at my job for now. any distributions above her salary will go 90% to her 10% to me. since i live in iowa and believe everything during mariage gets split 50/50 during divorce, do I have to worry about the lopsided distributions. her father which is an attorney says he wrote agreement like this to avoid additional SS taxes.
Asked on 10/03/07, 4:44 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
Re: distributions of lls during divorce
Iowa is an equitable distribution state and not a community property state. I suggest you contact a tax attorney or an experienced business attorney if you are reluctant to sign becuase you think you're getting railroaded
Answered on 10/03/07, 5:18 pm
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