Generally speaking, while a family-owned business is considered a marital asset subject to equitable distribution, a trial court does not have the power to order the transfer of corporate property or assets without joinder of the corporation. However, a trial court has the power to value and distribute corporate stock determined to be a marital asset, and may preclude the husband’s disposal of assets over which he exercises exclusive control, without the necessity of joining the various corporations as parties.
Laura Morgan is a Family Law Consultant. Laura is available for consultation, brief writing and research on family law issues throughout the country. She can be reached through her website. www.famlawconsult.com