Legal Question in Business Law in Texas
I have helped my live-in boyfriend, who is 17 years older than I am, build his business over the last 7 years in Texas. There are in excess of $100k in assets. He has an LLC with him as 100% owner. I recently lost the job that I had prior to meeting him (that is why I did not ask to be part owner in the business). I asked to become an owner in this business six months ago, but he has procrastinated in contacting the lawyer to make it happen.
He does not have a will, but has an adult married child living in California who recently had a child. She resents that he left California and moved to be with me in Texas; and has treated me like a non-entity as a result.
What does happens to the business assets if our relationship ends or he dies?
Does it go to his adult child or does common law marriage allow me to rights?
2 Answers from Attorneys
Why do you think you have an informal marriage?
Have you filed a joint income tax return with this man?
Has he ever introduced you to others as his wife?
Mere cohabitation does not create an informal marriage (commonly referred to as "common-law marriage").
If there's no will, there will likely be a large, expensive fight between you and the child. If you can prove the elements of a common law marriage, you may have some rights to the assets, but that is a long shot, at best. If you can't tell, this won't end well for you.
If you are worried about it, then you need to establish legal ownership interests in the business ASAP. Your partner should also execute a will at the same time. If he's a procrastinator, then you set the appointment.
Related Questions & Answers
-
Good morning. I had listed my business and equipment for sale and a friend of mine... Asked 12/18/11, 8:25 am in United States Texas Business Law
-
Generally speaking, if a c corp forfeited the right to do business in texas more... Asked 12/13/11, 2:12 pm in United States Texas Business Law
-
Can a business be held to act in the future, as it acted in the past. This regards a... Asked 12/02/11, 4:11 am in United States Texas Business Law
-
I want to have a meditation retreat on my families property in East Texas. Would a... Asked 12/01/11, 6:31 am in United States Texas Business Law
-
If my husband starts a company with someone else (owns 50%)and he decides to sell... Asked 11/27/11, 7:10 pm in United States Texas Business Law