Changed LLC into wifes name when I had a legal issue

[mark22225]

I had assets prior to marriage. I subsequently put these assets into an LLC to protect them. When I had an issue with my business I changed the LLC to be owned by my wife 100%. Now we are getting a divorce. The only thing in the LLC is a stock portfolio that I had prior to marriage. Can I simply change the name of my brokerage account back to the original name of the account (My name) to avoid my wife becoming owner of the stock portfolio that I owned prior to marriage?

 

[Proserpina]

If I were you, I'd speak to an attorney - it sounds as if your wife is the legal owner of the LLC and whatever it contained.

 

[poaform]

If you had an LLC Operating Agreement you should check to see what the agreement entails.

 

[disagreeable]

Sounds like you gave your wife a nice parting gift, in an attempt to defraud someone else. Sounds like a legal case of what goes around, comes around.

 

[army judge]

I had assets prior to marriage. I subsequently put these assets into an LLC to protect them. When I had an issue with my business I changed the LLC to be owned by my wife 100%. Now we are getting a divorce. The only thing in the LLC is a stock portfolio that I had prior to marriage. Can I simply change the name of my brokerage account back to the original name of the account (My name) to avoid my wife becoming owner of the stock portfolio that I owned prior to marriage?

You don't own the LLC, nor do you own the assets of the LLC.

Your "soon to be ex" owns the LLC, lock, stock, and barrel!

You might want to rethink the divorce, until you regain control of the LLC.

Otherwise, you have to ask for a portion of her LLC in the distribution of the marital assets.

One slip might have saved you.

If the transfer of the assets of the LLC from you to her was done incorrectly, you MIGHT still be the owner of the LLC.

Have your lawyer investigate the transfer of the LLC.

Otherwise, you may have outsmarted yourself!!!!

 

[mark22225]

I have 2 taped conversations that she said she "never wanted the money, and that it wasnt about money and doesnt want my money". My attorney thinks that the money in the LLC will be part of the marital asset pool for division. At this point, she makes a whole lot more money than I do and I might be able to recoup the half (in alimony) that I might have given up if the taped conversations dont work out in my favor. My wife was also the one who suggested we move the assets of the LLC into her name. That might make a difference. We will have to subpoena the attorney who wrote up the transfer so they can verify whose "idea" it was.

 

[army judge]

The attorney you hired to draft the LLC xfer will likely not be allowed to testify.
Why?
Attorney-client privilege.
I doubt that her attorney will allow it.
I don't see that process as probative, however.
As long as you weren't coerced, tricked, or defrauded into doing it, the why doesn't matter.
You willingly did it.
I won't embarass you, but I suggest you reread your original post.
In it you relate that you were attempting to hide or cover certain assets because of other business issues.
She didn't volunteer to be your safety deposit box.
You did it so you couldn't be sued or legally pursued for other purposes.
Sorry, I wouldn't pursue it this way.
You'll only make yourself appear unethical, if not criminal.

 

[mark22225]

Well, then I better hope that my atty is correct that the money will end up in the marital asset pool. Its pretty sad that you pay off your wife's medical school loan to advance her career, apparently "gift" money you have earned over 25 years of working your ass off, and she decides that she wants a divorce you are screwed. Sounds like America at its best!!

 

[army judge]

America has no monopoly on evil women, or treacherous men. What a twisted web we weave, when first we practice to deceive.

As far as you CHOOSING to pay off her loans, you could have said no. But, you said you GIFTED her the business to facilitate you HIDING assets.

Anyway, I'm not the judge or jury in your case.

You will get your day in a REAL court, not a friendly, free online forum. We don't judge, we just offer opinions. And you know what is said about opinions.


Sent from my iPad3 using Tapatalk HD

 

[disagreeable]

Well, then I better hope that my atty is correct that the money will end up in the marital asset pool. Its pretty sad that you pay off your wife's medical school loan to advance her career, apparently "gift" money you have earned over 25 years of working your ass off, and she decides that she wants a divorce you are screwed. Sounds like America at its best!!

Hark !!! What is that I hear???

Tis the pot cursing the kettle as black!!!