Archives: Division of Property

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Becoming a Partner — Ownership Interest in Divorce

By Michelle O'Neil on Posted in Business Interests
I was asked recently about whether becoming a partner in a professional company creates community or separate property. The Husband worked for a firm prior to marriage and shortly before the marriage was offered a partnership interest in the firm. He and the firm signed the partnership agreement a few months prior to the marriage. After the marriage, he began receiving the benefits of the partnership agreement. Now, he and his wife are headed for divorce and he wonders if she is going to be entitled to part of his partnership interest.… Continue Reading

Debt in Divorce

By Michelle O'Neil on Posted in Debts in Divorce
A debt incurred by a spouse during the marriage is presumed to be a community property debt. A debt incurred before the marriage is presumed to be separate property debt. If a debt is incurred during the marriage, but the creditor agreed to look solely to the separate property of the spouse for satisfaction of the debt, then the debt may be a separate property debt. Characterization of the debt as in the nature of community property does not determine the question of liability.… Continue Reading
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