Buying a buiding with Husband how do I protect myself if we were to divorce?
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Buying a buiding with Husband how do I protect myself if we were to divorce?
My husband of 15yrs owns a company. We own a home in PA. We are buying a building jointly to house the company and setting up an LLC to own it(which we have guaranteed personally with a H/E loan from house and and loc from company). The company will pay rent to LLC without a written agreement. My husband has contacts to give him advice..I want to know how to protect mysef financially if we were to get a divirce so he cant scimp in alamony as our marriage has been going through a rough patch.I currently work for him p/t with no salary.
Asked on June 8, 2009 under Family Law, Pennsylvania
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I think you should discuss this with a local divorce lawyer. I'm not a Pennsylvania attorney, and the divorce laws are different from one state to another; even more importantly, you can't get reliable advice unless it's based on all of the facts of the case. The details do matter! One place to find counsel is our website, http://attorneypages.com
The law in most states doesn't pay much attention to the names on the assets or debts, or the form of business entity if it's owned entirely by one or both of the parties, as long as the asset or debt was gotten during the marriage. So, how the building purchase, and the loans you're taking out to do it, should all be "in the pot," and if the end result of all of this is a larger bottom-line income than leaving the business where it is, then you should get your share of that in the event of a divorce.
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