My second husband and I bought a large property and turned it into a successful restaurant and campground.
All property, and pretty much everything we own, is titled in the corporation. His name is the only one on company property.
We both signed debt notes and I requested that my name be added to the deed or company.
“He wants me to sign another note to make improvements.”
He never did. Now he wants me to sign another note to make improvements. I said no and I firmly maintain that I need protection if he suddenly passes away (we are pushing 60).
What if he decides to divorce? How will I be protected? He tells me that everything is fine and that these problems will never be a problem for me.
We both have children from previous marriages. We all get along very well, but this property is very valuable (estimated to be worth $ 3.5 million with only $ 200,000 in debt).
We also live on the property. I don’t want to be kicked out if he were to die.
Spouse Shifty’s Wife
It’s controlling behavior and you are right to hold on. Do not sign another promissory note until your name appears on the deed of ownership and the society. You should also ask to see the accounts. Your finances are at stake if this business goes bankrupt, just like your husband’s. Currently he has full control over the cash flow. You run half the risk, without any intervention.
Equitable distribution states divide marital property equitably and communal property states divide marital property 50/50. To answer your question: This business was created during your marriage and with matrimonial funds. In the event that you were to get a divorce, especially since you signed loans, a judge would consider you to be an equal owner.
Your husband has already given you reasons not to trust his financial management. The National Endowment for Financial Education conducted a survey of so-called financial infidelity in 2018 and found that over 40% of American adults who combine their finances with a partner or spouse admitted to committing “financial deceptions” against their husband or wife.
“All too often a spouse uses underhanded tactics to hide money or property from the other – hiding money in secret, emptying bank accounts, ceding property to relatives, underestimating income and overestimating expenses – usually in order to cheat the other’s legal share of the assets or to minimize the amount of child support payable, or both, ”he adds.
Consult a lawyer now and don’t wait for your husband to give you more excuses. Since this is the second marriage for both of you, I guess your husband is considering leaving this business to his children. He will be able to leave the part of this company which belongs to him only to his own children. As a stakeholder, it is important that you know the books by heart.
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