Recently the Court of Appeals overturned a divorce court ruling that assets held in several Limited Liability Corporations (LLCs) were not to be divided as marital property based on the language of an agreement between the husband and wife which excluded property acquired in the parties’ individual names during the marriage. Husband set up a series of LLC companies during the marriage and used them to hold various investments, including real estate. The trial court went along with the agreement, finding that his individual ownership of the LLCs was covered by the agreement. The court of appeals overturned that holding. They reasoned that the EXACT LANGUAGE of the agreement meant that property held in a corporate entity was not property held by the individual.
This is a good reason to make sure that the lawyer who drafts your pre-marital agreement (or even a pre-divorce settlement agreement) knows what they are doing. Here at Cunningham Dalman we have decades of experience drafting and interpreting such agreements. Give us a call if you have an issue involving marital property…or any legal question for that matter.
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