ChatterBank0 min ago
Money & Finance
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I own a business which I bought shortly after I was married. I have been married 5yrs. During a divorce what is my wife eligible for? THe business and everything else is unders my name only. Will she be able to take 50% of the business? If so would I pay her 50% of what the business is worth at this time or does she not even have to sell her part? We also have two daughter. What advise could you offer me?
Thank you
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The short answer is that she is entitled to whatever the Divorce Court thinks is fair. That will depend on the length of the marriage, who brought what into the marriage, and who made what contributions.
For reasonably long marriages the Court may well consider half of everything to be fair, but that does not mean everything is divided in half, only that each party should come away with assets of roughly equivalent value, and your marriage is not "long" in any event.
Small businesses need to be treated carefully in divorces because they are not merely a marketable asset, but are also a source (often the only source) of income, and an arrangement that required the sale of the business would be wholly counter productive. What the Court will want to see is that your daughters are adequately housed (presumably with their mother) and supported. You will need to be able to contine to work, and put a roof over your head. The exact outcome will differ widely from case to case depending on your (joint) assets, needs, incomes etc.and you will need to consult a lawyer to get a proper answer.
For reasonably long marriages the Court may well consider half of everything to be fair, but that does not mean everything is divided in half, only that each party should come away with assets of roughly equivalent value, and your marriage is not "long" in any event.
Small businesses need to be treated carefully in divorces because they are not merely a marketable asset, but are also a source (often the only source) of income, and an arrangement that required the sale of the business would be wholly counter productive. What the Court will want to see is that your daughters are adequately housed (presumably with their mother) and supported. You will need to be able to contine to work, and put a roof over your head. The exact outcome will differ widely from case to case depending on your (joint) assets, needs, incomes etc.and you will need to consult a lawyer to get a proper answer.
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