Divorce
High Net Worth Divorce
Protection For Your Children
Domestic Abuse

Divorce in NY, LLC interest, income VS support.

Q: I am in the middle of a divorce, in NY. My spouse has a LLC business. There is another active member at the LLC. Before we filed the joint extension (4/15/16), he insisted that there was a profit and no refund for year 2015. End of June 2016, he produced a document showing back early 2015, he granted LLC interest to the other member, which lowered his income for 2015. Before he disclosed such “grant”, there is absolutely no disclosure that there is such grant. It is obvious that the “grant” was done 2016 but they backed dated to 2015.

Granting share to the other member will dilute my share on the company, Lowering his income 2015 will also impact support.. How should I hand this situation? Thank you!

A: David’s Answer: Ultimately in a divorce case, the business would be valued anyway. Thus, just ask for assignment of a neutral evaluator who will discover the value of the business – and also be able to assess whether the LLC granting documents were legitimate. Schedule a consult with a Westchester Divorce attorney for a full assessment.

FindLaw Network
David-Bliven-Badge