Business Income After Separation
My question involves a marriage in the state of:California
My husband passed away before our divorce was final.. I realize that all debts and income as of the date of separation is considered separate property. My question is that we owned a family business that operated during that time. My husband continued to operate the business which we had started together during our marriage. Is the income generated by that business considered community property to be probated or is it considered to be his separate property. There were a few assets purchased using business funds and there was a small balance in the business checking account. Other community debts were also being paid via the business income during that time. The value for the business had not been resolved at the time of his death. Thank you
Re: Business Income After Separatin
If the business was incorporated, the ownership should be clear. It is a general estate asset is not bequeathed by will.
Re: Business Income After Separatin
Did you have a legal separation (i.e., an order from a court) or where you just apart pending the divorce settlement. In the latter, the community property should still be intact and not separate.