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  1. #21
    Join Date
    Apr 2016
    Location
    Florida
    Posts
    46

    Default Re: Ex-Wife/Boss: Tolerate/Stay or Go

    Quote Quoting Mark47n
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    This is partly informational and, as to termination, I would've fired my soon to be ex spouse who was also my employee. If you're so finished with someone that you're willing to divorce them why on earth would you continue to work with them everyday? It's not necessarily a legal strategy, it's simply a personal observation.
    Maybe I live a sheltered but I do not believe all divorces are contentious. Some people actually manage to stay civilized despite their differences and are able to communicate, yes even work together, after agreeing to go their separate ways.

    You ask why on earth would you continue to work with your soon to be ex-partner everyday. Well, I can not give you a universal answer to that question. But I can tell you that if it were me and my wife fired me because I wanted a divorce, I would certainly not be willing to finalize things amicably anymore. Probably the complete opposite. I'd be foaming at the mouth with a new purpose in life - to annihilate her in court.

  2. #22
    Join Date
    Nov 2013
    Posts
    6,699

    Default Re: Ex-Wife/Boss: Tolerate/Stay or Go

    Quote Quoting AsAmDivorce20
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    We are getting divorced. Our business, while completely under her name, was founded during our marriage and had a lot of my mother's money invested to start it. Thus, it is a marital asset regardless of whose name is on it and will be subject to equitable distribution in the divorce matter. In order to maintain status quo, we have been advised that I should not quit nor should she fire me until the divorce is finalized. As a family business, I do not have any contracts signed governing the terms of my employment..
    I have been looking at this post with the divorce in mind. And not the issue of can wife fire OP or should OP quit his job. I don't see any change in the outcome of a divorce order in NJ either way. I don't see the logic to what OP has said he has been advised. The facts will not change.

    The medical practice was established during the marriage. OP's mother provided the seed money and we don't know if it was in the form of a loan (to OP), a gift, or other agreement.

    What, if anything would change if he was fired or he quiet. That is the question that has been ignored. Instead, the responses are about his wife owning the practice, and that he can't have ownership in the practice. Fine. What does that have to do with the divorce?

    Quote Quoting Taxing Matters
    View Post
    That's not technically correct. The OP said that the business is a S-corp 100% owned by his wife (which means a LLC or corporation that has elected to be taxed as a S-corporation). Thus, she is the sole owner. He does not own any part of the business. Since he lives in NJ, an equitable division state, what he likely has in the event of a divorce is a marital interest in the business. A marital interest is not the same thing as ownership. His marital interest may lead the court to award him actual ownership in the LLC or corporation in the divorce, though.
    Not in NJ. A review of NJ case law shows that a value is placed on the medical practice by the court on the date the complaint for divorce is recorded . It's not about ownership. That value is subject to equitable distribution.

    If he quits or is fired, he becomes unemployed. The court will take his earning potential into account in the issues of alimony and child support if the wife makes more income than OP. But that doesn't change equitable distribution.

  3. #23
    Join Date
    Jul 2010
    Posts
    7,813

    Default Re: Ex-Wife/Boss: Tolerate/Stay or Go

    Quote Quoting budwad
    View Post
    Instead, the responses are about his wife owning the practice, that he can't have ownership in the practice. Fine. What does that have to do with the divorce?
    I went back and the first person to bring up the ownership issue was you. It just kinda went on little side quest from there.
    I am the Mouse Man

  4. #24
    Join Date
    Oct 2014
    Posts
    7,706

    Default Re: Ex-Wife/Boss: Tolerate/Stay or Go

    Quote Quoting budwad
    View Post
    Not in NJ. A review of NJ case law shows that a value is placed on the medical practice by the court on the date the complaint for divorce is recorded . It's not about ownership. That value is subject to equitable distribution.
    And that is not different than what I said. As part of the court;'s powers in equity it can award a spouse actual ownership of the business in the divorce. Now, of course, in this particular case that may not happen if the OP is not legally able to be an owner of the business because its a medical practice and he's not a doctor. And even when it is possible a court may prefer to order the one spouse pay the other cash for the marital interest rather than awarding a direct ownership interest (and indeed in my experience that is the more common outcome). It does not change that the court has the power to order it, and I draft my partnership/corporate shareholder agreements for clients with that very issue in mind. My point was a general one about the distinction between ownership and marital interest. A marital interest is not itself ownership.

    Quote Quoting budwad
    View Post
    If he quits or is fired, he becomes unemployed. The court will take his earning potential into account in the issues of alimony and child support if the wife makes more income than OP. But that doesn't change equitable distribution.
    I agree that's the likely impact, and said as much earlier.

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