Consultant with LLC

junkmailbox121 · 2023-04-04T22:54:12+00:00

Your lawyer may be correct that you have to buy her out since the LLC would be an asset if you are listed as the owner. If you have doubts it wouldn’t hurt to reach out to another attorney and pay for an hour of their time to see if that is the case.

Since you have custody of the kids you’re entitled to child support from her. Reason I bring this up is you can take the total amount of child support that you would receive and then put that number against half of the value of your business and pay your STBXW half of business value minus total child support. Then she won’t have to pay child support and you would give her a smaller cut of the value of your business.

If your spouse works stop paying her rent and bills or the judge may say that since you can afford to pay it now you can pay her alimony for some time.

BeachGuy91 · 2023-04-05T00:43:06+00:00

My ex wanted half of my consulting LLC. She wasn’t legally on it. I told her she could have 100% of it as it would be worth nothing without me running it and I could go start another company with a new name and all my clients would move to that. If the company is about your business, it has no value to her.

ideliver22 · 2023-04-04T23:22:20+00:00

IANAL.

She owns half of your LLC. What advice have you received to date?

You will need to buy her out of your LLC if you want it to continue to operate or if it has assets, trucks, tools, property, anything of value. This price is negotiated like everything else.

However, if there’s no assets, you could stop using that LLC. What’s your profession? I’d bet you may be better served just working as a DBA.

Just a thought.

AudreyTooTwo · 2023-04-04T22:25:39+00:00

You already have a lawyer. Why do you think someone here has better advice? If your lawyer has no experience with support payments and splitting assets from an LLC, then you should probably consult with a tax attorney or an asset protection attorney who does know these things.

One small bit of advice: if you talk to outside counsel, be sure they're LAWYERS and not just accountants or tax professionals. If they're lawyers, you'll have attorney-client privilege. They could never testify against you and even their notes would be confidential. Anything they prepare for you would fall under the so-called Work-product doctrine, again making it inadmissible in court.

gnackered · 2023-04-05T00:29:18+00:00

Take a job for a while? Form a new LLC after the divorce?

Probably not practical.

Effective_Hornet_833 · 2023-04-05T01:47:12+00:00

So, it’s not technically wrong to say you could have to buy her out, but it’s mostly kind of silly. If there are vested payment rights—someone owes the LLC $ today, she’ll get half of that, you can’t delay income to later to give her just a maintenance payment. But other than those contract rights it doesn’t sound like are any assets to buy out. She likely has a limited right to future maintenance, that doesn’t get expanded to half your future income just because you run it through the LLC.

EnvironmentalAd3558 · 2023-04-05T02:41:52+00:00

There is an issue here. Future receipt of income solely from work/services performed during the marriage before separation could be subject to being split between you. But that income should be reduced by any expenditures you make to collect it including the value of your time spent after separation to collect it.

It might be wise to set up a new business for you future endeavors so that they are not commingled with you old LLC. Use your old LLC to simply to collect for your past efforts and to pay for its continued existence for that purposes. Charge your LLC for your time spent for that purpose.

Brovehoe77 · 2023-05-09T19:37:23+00:00

What ended up happening? Does it matter if the LLC was formed prior to marriage?

Title	Consultant with LLC
Author	Character-Joke-1159
Upvotes	8
Comments	30
Date	April 4, 2023 10:15 PM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/12bymne/consultant_with_llc/
Archive Link	https://theredarchive.com/r/Divorce_Men/consultant-with-llc.1213108 https://theredarchive.com/post/1213108

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