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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 02-04-2020, 09:53 AM
backinthesaddle backinthesaddle is offline
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Default Business joint ownership

Just wondering what happens in a situation whereby there is joint ownership of a business? One spouse is the skilled worker (trades) and the other really has no role and only owner on paper. Is the business evaluated and one owes the other? What about future earnings since one would be disadvantaged because they donít actually have the skills to continue it.
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Old 02-04-2020, 11:47 AM
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Janus Janus is offline
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Quote:
Originally Posted by backinthesaddle View Post
Is the business evaluated and one owes the other?
Yes, and that is true whether or not it is a joint ownership

Quote:
What about future earnings since one would be disadvantaged because they donít actually have the skills to continue it.
If the no-skills person sacrificed their income earning potential for the sake of the business, then this inequity would be addressed through spousal support.
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Old 02-04-2020, 12:44 PM
Berner_Faith Berner_Faith is offline
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Originally Posted by backinthesaddle View Post
Just wondering what happens in a situation whereby there is joint ownership of a business? One spouse is the skilled worker (trades) and the other really has no role and only owner on paper. Is the business evaluated and one owes the other? What about future earnings since one would be disadvantaged because they donít actually have the skills to continue it.

If one spouse played no active role in the business and didnít give up their career for said business I donít see anything happening other than the value being split. If the unskilled spouse gave up their career so the skilled spouse could grow the business as stated that would be addressed through SS.

The unskilled spouse canít except to be paid out of the business and still reap the ongoing benefits



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