Ottawa Divorce .com Forums

User CP

New posts


  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Closed Thread
Thread Tools
Old 03-13-2006, 06:41 PM
hubby's Avatar
hubby hubby is offline
Senior Member
Join Date: Nov 2005
Posts: 522
hubby will become famous soon enough
Default Business Debt

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?

Old 03-13-2006, 08:27 PM
Grace Grace is offline
Senior Member
Join Date: Oct 2005
Posts: 860
Grace has a spectacular aura aboutGrace has a spectacular aura about

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.
Closed Thread

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
stbx using 20 yr old business loss/bankrupcy against me? Just want my 50% onedayatatime Financial Issues 3 10-15-2011 04:56 PM
Spousal adjusted due to debt load as debt is considered an exception in the guideline valentine Financial Issues 13 01-14-2011 03:40 PM
Separated and ex trying to sell our business Alextu Financial Issues 0 11-23-2009 08:28 PM
Business debt shannon Financial Issues 5 10-28-2009 08:22 PM
Ex racking up debt, small business issue Jule Financial Issues 0 09-05-2007 11:05 PM

All times are GMT -4. The time now is 05:26 AM.