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hubby 12-07-2005 09:03 AM

Hands off business
 
So spouses are entitled to 50% of business. At what point are they not entitled to the revenues generated by the business? Is it at the time of seperation/divorce that the financial statements are looked upon and it is then determined the amount owing to them? After that point, any revenues generated are hands off to them? Of does one have to close the business and open under another entity after seperation/divorce?

Are just the revenues considered or do the courts look at the expenses and such or that negative equity has been realized of the last few years? In other words, they look at the total picture of the company when determining what they are entitled too?

Hubby

Grace 12-07-2005 04:15 PM

When you separate, the business would be evaluated on that date to determine your wife's "half". After that profits generated by the business would be considered for the purpose of determining your salary for child/spousal support.

The courts will look at the "whole picture" of your business.

Again, I'm no lawyer or accountant, but this is what happened with my divorce.


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