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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 03-29-2006, 09:59 AM
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Default Business entitlement of assets after seperation date?

If a couple has decided on a seperation date, I take it that the entitlement to assets and responsibilities to business debt would be included up to and including the date of seperation?

What happens to assets and debts incurred after the agreed to seperation date?

Hubby
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Old 03-29-2006, 11:23 AM
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This is where it can get complicated when a family business is involved. We used the value of the debts & assets based on date of separation. Problem is that I am still liability for the company debt until my ex removes my name from the bank loans. In your case a lot will depend on how the company was set up to begin with. Have you done a Net Family Property statement yet? The business debts & liabilities should show up there and give you a better idea of how an equalization of assets & debts will look on paper.
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Old 03-29-2006, 01:08 PM
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Grace,

No Net Family Property statement has been done, trying to pay off the business debt with whatever assets are in the business and should there be any assets left - divide equally and shut the puppy down.

Trying to keep things simple.

Hubby
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