If I’m married but separated and am considering buying an established business, can I put it in my name only and be protected?
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If I’m married but separated and am considering buying an established business, can I put it in my name only and be protected?
I live in a community property state.
Asked on December 28, 2014 under Family Law, Arizona
Answers:
Bruce Provda / Provda Law Firm
Answered 9 years ago | Contributor
The only thing that might change this from being community property is if in your state you had a formal separation agreement and it would depend on your state's laws concerning that. If you are just living separately, you are still married for the purposes of community property.
Anne Brady / Law Office of Anne Brady
Answered 9 years ago | Contributor
Any property acquired during the marriage will be considered community property purchased with community funds. Putting it in your name only will not mean you get to keep it 100% in the divorce, unless you buy it with money you inherited and kept separate. For example, I am the only member of my law practice LLC in Glendale, AZ, but if I were to get divorced, my husband would be entitled to half of its assets.
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