Legal Question in Business Law in New Jersey

Starting company to protect assets in divorce

Hello,

I am in divorce proceedings, and my current salaried job of 124k/year is about to be terminated. I have interviewed with a friends company and may have freedom to be employed in salaried position at similar salary or have them contract with any new company I set up with me as an employee of this new company. The question is, to avoid paying heavy alimony what type of company can I set up where I as an employee of the new company I set up can take much less remuneration than in a salaried position with friends company, with the balance being new company funds for business expenses untouchable in a divorce proceeding. I am not sure if I have expressed myself well, but how can I cut back income and limit the alimony by starting a company, and yet not have the spouse demand a portion of the company? Can the ownership of the company be kept hidden, yet legal. My wife has a samll business of her own and hides her income.

Thanks


Asked on 2/01/06, 9:40 am

2 Answers from Attorneys
Anthony Park Anthony S. Park, PLLC

Re: Starting company to protect assets in divorce

Dear sir

I suggest you contact an asset protection planning attorney for a private consultation. You may contact my office at [email protected] to schedule an appointment.

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Answered on 2/01/06, 9:57 am
Walter LeVine Walter D. LeVine, Esq.

Re: Starting company to protect assets in divorce

You might consider forming a one-man corporation, where you would be salaried, with the corporation as the consultant. I suggest the stock ownership be in a third-party name and that you get an employment contract. Many more business issues are involved, plus the fact that you would be misrepresenting your true income to the matrimonial court, which could create some exposure later on. I suggest, since you are aware of your wife's "hidden income", you negotiate a fair deal that recognizes both true incomes and both sides be candid.

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Answered on 2/01/06, 1:54 pm


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