My question involves a marriage in the state of: California. In 2003 I created an S-Corp for the purchase of working as a contractor to a major corporation. The S-Corp writes and maintains software. The sole employee is me and I am paid a salary by the S-corp for my work. I am paid as an employee with all of the appropriate withholding etc. The S-Corp has very few assets, a computer, printer, and a company car for travelling to meetings, etc. There is still a small balance on the car loan. When the S-Corp was created there were 10,000 shares of stock created and 5,001 shares were issued to me as the only stock-holder. I receive a K-1 as a result of the corporate tax filings each year which goes on my personal (now our joint) taxes as income or loss....
I was married in 2010 and now in 2017 I am informed that "I don't want to be married any longer". She wants me to begin the paperwork for a divorce. What I want/need to know is: Do I list the corporation or the corporation stock as an asset? If so, what about the company car? Is that separate or just part of the value of the corporation? The corporation has few assets and some debt, not sure how to value it. Is it community property in California?
Any help would be greatly appreciated. This is very overwhelming.