Legal Question in Family Law in Texas
Credit Shelter Trust Ownership of Family Business and Divorce
My husband is president of a company he started in Texas using his father's Tennessee based construction company's (which had ceased to do business)tax loss carryforwards. My husband has made every decision involving the company for the 15 years it has been in existance in Houston. He is the defacto owner. The company is held in a credit shelter trust set up when his father died. We are now divorcing and he contends that I have no interest in the now much larger company and its assets. He had made the decisions regarding all expenditures including salary, bonus, cash flow, and and purchase of building. He hires, fires,etc. No one in his family has any input in any way. He has stated that when his mother dies he will probably get the company and his siblings will divide up the other parts of her estate.
I contend that I have some investment in the company that has been our sole source of income, while I have been a housewife and enabled him to run this company.
Just a note. He made the sole decision when the company paid him and what based on the health of the company's yearly income. He bonused himself to buy our cars, house, etc.
Do I have some part of the company?
1 Answer from Attorneys
Re: Credit Shelter Trust Ownership of Family Business and Divorce
Probably yes.
You definately do not have a "simple" divorce.
You would need to do discovery on his in order to obtain the paperwork on his business. You might also need to hire an appraiser to determine the value of the company.
I hope this is helpful.
Good luck!
Fran Brochstein
www.familylaw4u.com
713-847-6000
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