Forming a new Business Operating Agreement LLC

[fltx]

Jurisdiction

Florida

I have always been a 50 percent owner in every business venture with my spouse of 16 years. My spouse is now entering a business with another partner and they only want it to be the two of them 50/50 and does not want my name on the agreement. The other partner is not married and states he doesn't want deal with any drama if a divorce were to ever occur. How do I handle this situation? What are my rights. My spouse states he is getting a separate agreement draw up for he and I to own his 50 percent split equally between us. I am extremely uncomfortable and unsure of this situation. I have supported our family with income for the last 7 years since the crash of the market and feel as I equally entitled to have a disclaimer of being a shareholder and receive profit payments of course from our 50 percent.

 

[adjusterjack]

What, exactly, is your concern here?

Do you have reason to suspect that your wife will squirrel away her earnings and refuse to share them with you?

Or do you fear having some personal liability for the debts or activities of this new business?

Something else?

 

[fltx]

What, exactly, is your concern here?

Do you have reason to suspect that your wife will squirrel away her earnings and refuse to share them with you?

Or do you fear having some personal liability for the debts or activities of this new business?

Something else?

I am concerned in the event of divorce from my husband and liability of he and his partner . I am asking to be on the operating agreement. I am going to meet the attorney this week. My main objective is to protect myself and my children's interest. I feel that it all needs to be in the agreement . We live in Florida , so I also want to know how this would affect me if there was ever a divorce . I have been through too many bad situations business wise with him in the 16 years of marriage . To keep afloat I have been the main source of income with 3 jobs .

 

[army judge]

The distribution of property in a divorce in Florida is covered by Chapter 61 of the Florida Statutes. Rather than a community property state, such as California, Florida has adopted what is known as Equitable Distribution. Under the Equitable Distribution scheme, marital property is fairly divided between the parties.

Marital property includes such things as, by way of example, assets acquired jointly by the spouses during the marriage, the enhancement of value of a non-marital asset during the marriage due to the efforts of the other spouse, jointly titled personal property, a home titled as tenants by the entirety, a gift during the marriage from one spouse to another, and a joint bank account.
A court will first award to each party their own non-marital property, such as property they had and retained prior to the marriage, and which did not become marital property. Non-marital property, however, can become marital property, such as when one party brings a home into the marriage and places the other party on the title to the home. A bank account owned prior to the marriage and maintained by only one party during the marriage, and not used for purposes related to the marriage or the other spouse, would likely retain its separate, non-marital classification.


An article that discusses the "equitable distribution" states:

Divorce Equitable Distribution Frequently Asked Questions :: Justia

Here a couple of articles that explain the marital estate:


Do You Live in a Community Property State?

Marriage & Property Ownership: Who Owns What? | Nolo.com