QUESTION
Can a spouse (wife) file for 1/2 of her husband's interests in an S Corporation in a divorce?
Asked on Jul 15th, 2013 on Divorce - Nevada
More details to this question:
Also, he has filed tax returns jointly without her written permission on the authorization forms and was told not to file jointly this year due to legal separation yet he filed married filing jointly anyway. Also, he received a substantial dividend, which was shown on the corporate taxes but he did not show it as income on his personal taxes this year.
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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The issue is are his interests in the corporation marital property or separate property. You do not give enough information to determine that.
Answered on Jul 16th, 2013 at 11:00 PM
Each spouse is entitled to one-half of all assets and debts acquired during marriage from any source other than inheritance or gifts. Each spouse is entitled to one-half the value of the husband's interest in an S Corporation. You should talk to a family law attorney because this kind of issue gets somewhat complicated.
Answered on Jul 16th, 2013 at 9:34 PM
Family Law Attorney serving Las Vegas, NV
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Law Offices of Webster & Associates
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In Nevada, a spouse is entitled to 1/2 of any asset accumulated during the marriage. If the corporation was form during the marriage, it is community property and would need to be valued and divided. You can still file jointly as long as you are married as a December 31 of the preceding tax year.
Answered on Jul 16th, 2013 at 9:33 PM