QUESTION: I am the sole owner of a franchise, and am currently going through a divorce. My wife wants half the value of the business, even though her name is not on it anywhere. Is she entitled to any of it since it is my only source of income?
MY RESPONSE:
If the business was started during the marriage, it is a community business.
Each party, on divorce, is entitled to 1/2 of the net community property. If you acquired the franchise during the marriage, and paid for it with monies earned during the marriage, it is community property.
It doesn't matter that your wife's name is included in any paperwork as a co-owner of the business.
If it is community property, your wife has a community interest in the franchise.
This educational blog is brought to you by DONALD F. CONVISER, an effective and aggressive Los Angeles Family Law Attorney and Divorce Lawyer serving clients in the courts of Los Angeles and Ventura County for over 35 years,owner of Warner Center Law Offices, with offices in Woodland Hills and Century City. Call 888.632.4447 or 818.880.8990 for a free confidential consultation with a Certified Family Law Specialist to discuss your divorce or family law issues. | www.conviser.net | www.conviserfamilylaw.com |
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