Business Debt

[hubby]

My understanding is that a 'business' is also considered a matrimonial asset and as such does this also mean that both spouses are responsible for the debt incurred in the business?

Business has cash reserves but also debt ... how is the cash reserves paid out and how is business debt split amongst spouses?

I'm assuming cash reserves can be taken out as salary or something and taxes paid - not sure how business debt is handled?

Hubby

[Grace]

Is the business still up and running? You may want to consider taking the cash reserves and applying them to the debt and see where you stand. Should you take out any reserves as salary they would be used to calculate child support. I understand from your previous posts that you have obtained full time employment outside your business. So if you add up your current salary and add the reserved salary from your business, that is what child support would be based on. You may end up paying child support based on two salaries, when in fact you are currently only employed at one.