It’s a possibility that the bankruptcy court technically can take over your shares of a corporation or your percentage ownership of an LLC. The question is really how much property is owned by that corporation and what the value of that corporation is and the percentage of ownership that you have. Whatever that value is, is technically your personal property and you have to account for that just like the rest of your personal property.
How Business Ownership Is Handled in Divorce
For business owners, divorce can present unique challenges that go far beyond dividing bank accounts and household property. A closely held business, professional practice, partnership interest, or family-owned company may represent one of the most valuable assets in...