Ok this is for my dad. Him and my mom havent had an actually relationship I would say in the last 10-11 years.I apologize ahead for this being so long but I know I cant get the answers I need with out giving some backround.
I Myself, do not get along with my mother, never have. I moved away from home right after graduating high school and have never looked back. I also have a younger brother who still lives at home with my parents. Its been over 10 years since my parents have shared a room and have been more like roommates than a married couple. My mother is very vindictive and will hold something against you for years. She has always been around for her friends children but when it comes to her own she wants nothing to do with either one of us. I am married and have been with my husband for 10 years married 8 and have two kids of my own. Even now she has not been to either of their birthday parties for the last 3 years, has not done anything with them, but will buy gifts for everyone else and make a deal of it. My dad has had enough of the way she treats him let alone his kids and grandkids. I have to go as far as giving something back to her that she told my dad to give to my kids and then changed her mind and did not tell him.
Soo my question is what can my dad do to file for divorce but it not harm the company that my brother started and my dad is 1/3 owner? She is one that will make sure my dad has nothing and will go as far as to harm my brother's hard work just to get at him. This is the main reason he has not done anything sooner and whats keeping him from doing it now. My brother and I and my kids are my dads world and I hate seeing him being in this situation and not being able to do anything. Please no criticism, I just want to help my dad and make sure my brother doesnt lose what he has worked so hard to build. I have tried to reconcile with my mom and it doesnt work. Thanks in advance.
Edit: The business is my brothers, with my dads sister and my dad listed as part owners.
This sounds like an attorney question. When there is a business involved, it's that much more complicated. A business and divorce attorney might be a good idea because you have two issues to deal with. Better to set it up legally to protect the kids and keep her out of something she's not involved in. Good luck!
Have your dad sign his share of the buisness over to your brother if he trusts him enough to sign it back after the divorce is final.
He could hire a lawyer, sell the business to your brother for $1, and then file for divorce. It could backfire if the judge ordered him to give her 1/2 of the true value of the business. Contact a lawyer in your state who is board certified in divorce law.
Your dad needs to consult with an attorney. He should probably start with a family law attorney (most initial consultations are free) and get a reference from them for an attorney to handle the partnership/corporation questions, as needed. The family law attorney may be able to address them.
Who owns the other 2/3's? Your brother? Or are there other partners as well?
I would guess that an audit of some sort (to determine the value of the company) would be required so as to ascertain the value of your dad's share. Then, when allocating marital assets, the value of the company would be included in the division of property. Dad's share of the company doesn't have to be divided and split between him and your mom, but the VALUE of it must be included when awarding ownership of the assets "of the marriage". For example: If his share of the company is valued at $40,000, and the rest of the marital assets are valued at $200,000, then the total value of the marital assets is $240,000. If the court awards a 50/50 split of the assets, then mom would get $120,000 worth and so would dad. His share could include the $40,000 share of the company plus another $80,000 of the marital assets.
Much like a house cannot be cut into two pieces and awarded half to each. They determine a value for the asset, and then proceed to divide the VALUE of the assets. How that division is accomplished can be done by agreement, or if the parties cannot reach an amicable division of property, the court can make the determination.
It would be up to your dad and his attorney to convince the court that the proper division of property would keep that share of the company whole and award it to your dad and not to mom.
I say do whatever it takes, my parents are in the same sittuation, not the vindictive mom, but living together but not together for 15 years, and their life is on hold...no amt of money is worth waiting to live for....consult with a lawyer and see what he says...maybe ur dad can J. move out with ur brother and leave the house to her, and not file for divorce so she leaves them alone? i would try and offer mother daughter counceling with her for yourself...moms are importnant, so if you can get a healthy relationship with her that is positive for u and the kids that would be worthwhile..if ot atleast u know u made the effort...she may feel hurt about something and threatened...maybe she has issues from when she was little/...who knows...good luck!!! i wish my mom and dad would make a move and live
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Your father really needs to speak with an attorney. There is a really good chance that he could negotiate something that would allow him to "keep" his business in exchange for a "lump settlement", however some states will require that everything be "split down the middle" without a pre-nup.
Definitely get a legal opinion on this one.
If he is partners with anyone they can't touch thier part. She may try to drain everything he has out of his 1/3 but I don't think she will be able to do anything that will hurt the others share of the business.
I think it would be best to get a lawyer. They will help him. If she is that way he should get one anyways to prevent him from getting taken advantage of.
Good luck to all of you! My parents are going through one right now..
He should transfer his share to his son for the time being. take his time then divorce her.
:)
Your brother started the business? Contact an attorney-I'm not sure about the division of ownership as it pertains to a business in PA. She may be entitled to half the value of your dad's ownership interest.
Your dad really needs to speak with an attorney. In all likelihood your mom is entitled to 1/2 of your dad's 1/3 of the company since it was accumulated during the marriage (as well as everything else accumulated during the marriage....pensions/401K, house, furniture, vehicles, etc.) especially if he tries to quit claim his share of the business and then directly get divorced (if it were that easy to eliminate resources everyone would do it). Most Judges will not require that a company shared by three people, two of whom are not parties to the divorce, be dissolved but your dad will have to buy out your mom's 1/2 of his 1/3 (usually when the marriage is of great length and one spouse owes the other money to split the assets equally the one owing the money takes it from their portion of home equity...basically if the house is worth $200,000 and your dad's share of the business is worth $50,000, your mom would keep the house and owe dad $125,000 less any other monies owed to her from whatever assets have accumulated and need to be divided). Your dad should start getting all financial, tax, business and property records together and take them with him when he meets with an attorney to start dissolution proceedings. Also, be aware that Pennsylvania (I am assuming your dad lives there too) does allow alimony and spousal support so if your dad's income is substantially higher than your mom's he may be ordered to pay that (and, to the best of my knowledge, they use a mandatory guideline to calculate the support so there isn't a lot of wiggle room for negotiations if your mom isn't willing). Good luck to him.
Pretty sure your dad could sell his share of your brother's business to your brother, maybe for $1. (Some money being exchanged keeps it out of the "gift" category.) Certainly your dad should find some way to rid himself of any assets he doesn't want liquidated during asset distribution.
Sell out his owner ship wait 6 month and file. If he works there make it a paycheck job not an ownership job. I suggest the other 2 owners buy him out or perhaps you buy him out too if they can't swing it.
Also he can gift it. Taxes on gifts suck.
Maybe transfer his 1/3 to you as temporary custodian until the divorce is finalized?
