Legal Question in Family Law in Washington
Unmarried partner's rights to proceeds from sale of stock
My unmarried partnership of 8 years is ending. My partner has shares of stock in a company in which he worked. The company will go public soon. He always promised that 1/2 of the proceeds will be mine. I do not have anything in writing, this was a verbal promise. Do I have any legal standing to hold him to his promise now that we are ending the relationship?
1 Answer from Attorneys
Re: Unmarried partner's rights to proceeds from sale of stock
Under current Washington law, if there is a long-term and stable relationship outside of marriage (i.e. a "meretricious" relationship") then the court will apply the same presumptions to property and obligations as are applied in a dissolution of marriage. There is not, however, spousal maintenance or other legal rights that are strictly limited to a dissolution of marriage. If your partner's stock option rights were acquired while you lived together, then they will probably be characterized as community property and divided accordingly. There are, however, several exceptions to the community property presumption. Also, the court is not required to divide property and debts precisely in half, although this is a convenient rule of thumb. You should talk to an attorney regarding the specifics of your situation.
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