The Boss is buying a Holiday Home in LA? HELP!!
#31
Re: The Boss is buying a Holiday Home in LA? HELP!!
As mentioned California has a communal ownership law, it's no different for non-residents, it's real estate physically located in California.
Yes but it wouldn't be smart to buy it with a corporation that has an on-going business, it would need to be a separate corporation. More logical is to use say a Bermudan or BVI corporation as there is no corporation tax, thus no need to file a corporate tax return.
The wife still has a claim though because they're married, you can't get around that, you can obscure it and make it difficult but the property is in California and she's married to him, so the law of California applies. Technically a court in California could pierce the corporate veil (although in practice in this situation it would be very hard).
I'm always dubious of the value of putting personal property inside a corporation, the main value of it is to obscure who owns it, but clearly the wife knows he owns it so I'd just get the wife to sign that paperwork if she will.
Yes but it wouldn't be smart to buy it with a corporation that has an on-going business, it would need to be a separate corporation. More logical is to use say a Bermudan or BVI corporation as there is no corporation tax, thus no need to file a corporate tax return.
The wife still has a claim though because they're married, you can't get around that, you can obscure it and make it difficult but the property is in California and she's married to him, so the law of California applies. Technically a court in California could pierce the corporate veil (although in practice in this situation it would be very hard).
I'm always dubious of the value of putting personal property inside a corporation, the main value of it is to obscure who owns it, but clearly the wife knows he owns it so I'd just get the wife to sign that paperwork if she will.
This post demonstrates that bad information can get into online forums.
#32
Re: The Boss is buying a Holiday Home in LA? HELP!!
OP's boss could get divorced and buy once finalized.
#33
Re: The Boss is buying a Holiday Home in LA? HELP!!
We have nowhere enough facts to even begin to give advice.
For example, hubby may be the beneficiary of a hefty inheritance. That would be his separate property. But we don't know.
This is part of the reason I directed a mild WTF Steve's way.
For example, hubby may be the beneficiary of a hefty inheritance. That would be his separate property. But we don't know.
This is part of the reason I directed a mild WTF Steve's way.
Last edited by S Folinsky; Mar 31st 2018 at 7:27 pm.
#34
Re: The Boss is buying a Holiday Home in LA? HELP!!
OP's boss needs to figure the marriage out first... In my opinion.