mcv2000
New
Reged: 04/26/08
Posts: 3
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I have a lot of questions that I need to ask, but the main one is this: My husband owns his own business. Actually he has several businesses and purchases most of our thing with a business account. I am not an owner of the business and he started the business way before we were married. I live in Louisiana(community property). According to a few friends, separate business purchases are not considered marital assets.
This puts in in quite a bind because even my vehicle was purchased through one of his companies. My car is clearly not a company car. So, because my husband puts buys everything though his different companies, NOTHING is community? We recently bought a 100k boat...through the company. If NONE of his "business" purchases are considered community...I don't have much of anything. Does anyone know of anything I can do.
Another thing is our home. It was paid for in cash. My name appears with his on the title...HOWEVER, he is claiming that he purchased the home by borrowing money from his company. Can he do that?
What I am starting to think is that a FAIR division of assets between a homemaker and a savy business owner is unfair. Does the law allow for him to do this? This boat and my car have absolutely NOTHING to do with his business. It is not as though he uses them in a business fashion. They are both strictly for our recreation and use. If I proved that, would I have a chance of at least receiving half the value of each?
Thanks is advance for any suggestions!
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Jada
Platinum
Reged: 06/02/07
Posts: 3459
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Your friend is right, assets purchased for the business using business funds is separate property. Especially given that the business was started way before you were married.
However; assets purchased for personal use, such as your car, furniture, the house you live in (if it was purchased through the business but after you were married) is marital property. He can claim that it is a business asset, but then he would have to explain why you are driving the car, living in the house, using the furniture.
To be honest, if his business doesn't involve boating in any way, then the boat isn't separate.
You are better off discussing this with an attorney.
Another thing that you will want to keep in mind is that your stbx could be purchasing personal assets through the business so that he can claim them as a business expense. That won't fly with the IRS if they ever do an audit. During the divorce process, you want to make sure that this is addressed as the IRS will hold you personally responsible as well.
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jbar
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Reged: 12/16/06
Posts: 1063
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Good try, Jada. But the thing that you are missing here is that although he and his wife may live in the home, for business puposes he may have labeled it, "Training Center for Employees with Overnight Accomodation for Lengthy Courses, etc.", so it's all a business expense, for his company, established before he met her. The vehicles will all be company vehicles, provably bought or leased before he met her so, unless his company makes operating profits during the marriage there may be no community property for you, my dear.
Such operating profits can be made to easily dissapear in "delayed maintenance" which reduces his tax bill and also a depreciable cost against profit when the maintenance is done(while he is waiting to get divorced) and taken against what otherwise would have been profit for that year, minus also new company spending on advertising, investment, etc., so that you get the idea: there is no profit while he is married to you, but only extensive maintenance and investment for the future, after you have divorced him. When it is final, his company will start to be very profitable again!
Edited by jbar (04/26/08 07:55 AM)
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Jada
Platinum
Reged: 06/02/07
Posts: 3459
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Nice try Jbar, but if they are living in the house and it was purchased during the marriage, it's a marital asset.
He can't try to circumvent that by using the business to purchase marital assets. Along with claiming all of the other marital assets (such as the car she drives) are business assets. That simply isn't going to work.
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malone
Platinum
Reged: 12/30/07
Posts: 2026
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This is exactly what happened to a friend of mine. Her husband really did rip her off right through till the divorce settlement. She got nothing. He actually came out of it better than she did.
Although it seems there is Karma after all because in his rush to spend his money on his new girfriend (the one he was cheating on his wife with), he ran his business badly and has since lost that business altogether - four years later.
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mcv2000
New
Reged: 04/26/08
Posts: 3
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Thank you guys for your posts. I've got another question. I have only been married to my husband for 2 years, but we have been together for 12 years. He has been supporting me the entire time. Will the judge be inclined to award me more in our divorce because of this. My husband is a very wealthy man.
Another thing i want to ask is about prenuptial agreements. I was coerced into signing something right before we walked down the isle. The document was not notarized or witnessed by anyone. We had both been drinking that night and my better judgement was GONE. Could this document hold up in court? What would be the best way to go...deny the whole thing, claim I was not of sound mind or coerced, or simply question the validity?
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jbar
Platinum
Reged: 12/16/06
Posts: 1063
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===========================================================
I was coerced into signing something right before we walked down the isle. The document was not notarized or witnessed by anyone. We had both been drinking that night and my better judgement was GONE. Could this document hold up in court?
===========================================================
Does he presently have the original? If not, did he have it in his custody for any length of time? Even if you now have it, he could have secretly had a copy made and notarized as a correct copy of the original and then sent it to his attorney for safekeeping. I wouldn't deny the document and would even admit to it if asked, before it is produced. Of course, your memory could start to fail at that point, as to its exact contents. There is plenty of case law holding that for a prenup to be valid you must have been represented in its drafting by an attorney of your own choice.
I wonder...did he file a personal tax return while you were married, and did you file jointly? If so, how much net income was there after adjustments and deductions? This should be community property. If not, then he may have filed it jointly and forged your signature (easy to do) in order to get a lower rate. I would look into this.
Another thing is the money used to buy the house. In Texas, at least. the proceeds of a loan are community property unless one spouse will waive, in writing, the rights to her one-half of the loan. Some men have gotten their wives to do so and thereby converted community property into their seperate property. They use the ploy of "not wanting to saddle her with the debt and duty to pay it back", which is pretty persuasive when she doesn't need the loan, herself, anyway.
Edited by jbar (04/27/08 03:22 AM)
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Jada
Platinum
Reged: 06/02/07
Posts: 3459
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I would take the pre-nup to an attorney and discuss it with him/her.
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Jada
Platinum
Reged: 06/02/07
Posts: 3459
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Jbar,
You clearly don't know how notarizing a signature works.
Here's a clue:
She would actually have to sign IN FRONT of the notary public in order for her signature to be notarized.
Her husband can't go and take her signature after the fact and get it notarized.
The notary of public would lose their certificate to notarize signatures if they notarize a signature without the person signing in front of them.
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Samsung
Platinum
Reged: 06/14/07
Posts: 2209
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"I have only been married to my husband for 2 years, but we have been together for 12 years. He has been supporting me the entire time. Will the judge be inclined to award me more in our divorce because of this. My husband is a very wealthy man."
Usually not. They will only go by the 2 years of marriage, which will disqualify you from alimony, but not from the separation of community property. As others have stated, you will need an attorney to determine what is community property, as your ex has been careful to minimize what is and isn't. Only an attorney could tell you if he has legally "squeezed" you out.
Another thing i want to ask is about prenuptial agreements. I was coerced into signing something right before we walked down the isle. The document was not notarized or witnessed by anyone. We had both been drinking that night and my better judgement was GONE. Could this document hold up in court?
You have 2 problems here. One, is you did sign it, and I suspect he will have no problem getting someone to testify they witnessed the signing....money is powerful.
"What would be the best way to go...deny the whole thing, claim I was not of sound mind or coerced, or simply question the validity?"
You can't deny it, if he can produce the document, as it will prove you a lier. You can't say you were not of a sound mind because of intoxication....otherwise his attorney is going to grill you about getting married 5 minutes later....that you were not of a sound mind then either. This cannot work in your favor. Your best angle is probably the validity, but if it is notarized, this won't work either.
You need an attorney. Your case goes far beyond the scope of what can be offered here.
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