What Happens When Property, Businesses and A Spouse Go Through A Divorce
If one's spouse is on the deed to a property, owns a percentage of interest in an entity, then that spouse is entitled to whatever their percentage of ownership equates to in dollars. For the issuance of Capital Interest Certificates (CIC) in a situation where the other spouse has interest, one will need their permission to exchange the asset(s) into the trust. Each spouse will receive their equivalent share of CICs issued. If a divorce occurs one can A) appraise each asset and purchase the other spouse's CICs at market price or B) if one cannot pay in cash for the other share if CICs the bank will potentially sell off the asset(s) to settle any equitable interests that still exist in order to dissolve the marriage.
Related Articles
How Does A Trust Help With A Divorce / Separation
From the desk of Carlton Weiss, Just clarify at the outset that those who mistrust — miss trusts. Those who mistrust are those who make a serious mistake. What I will be discussing is the mistake of missing the point about Express Trusts and the ...
Debt, Divorce and Splitting of Assets
No, a spouse is not legally responsible for debts that the other spouse contracted before the marriage and that are, therefore, presumably in just their name. On the other hand, assets garnered during the marriage would fall under a '50/50 split' for ...
Operating 2 Businesses in 2 Different States
It is easy to obtain a separation of liability between businesses. Forming a new entity in different states is one way to provide liability separation. If one business goes bankrupt, the assets of the other business cannot be used to pay off its ...
Spouse Jointly Own Property - How Does It Go Into The Trust
All parties must agree to place property (or any shared asset) into a trust; however, when owned in shares, an individual may transfer their portion into the trust without consent of the other parties, unless contractually barred from doing so. Upon ...
What Happens to Capital & Beneficiary Interest Certificates When A Spouse Dies
Capital Interest Certificates: The certificates are passed on according to the deceased's Will, Trust or written wishes. If married (common law or statutory), the assets will naturally pass onto the surviving spouse. Beneficiary Interest ...