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

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  #1  
Old 03-03-2021, 10:05 PM
backinthesaddle backinthesaddle is offline
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Default Separation and joint ownership of business

Does anyone have experience with separation and joint ownership of a business? Business owned jointly but one spouse works and the other doesn’t work. Probably for tax purposes it was beneficial. Non working spouse was a salaried employee. Now separated and living apart. One spouse still working for the business and the other now racking up personal debt on that business account. It is simply status quo when it comes to finances for the household. Everything is paid for. Now the spouse is going through every record on the business trying to claim it isn’t an expense To increase the annual revenue. How does one put a stop to this? Kind of like owning a store together and the one spouse keeps taking money out of the till for personal expenses with no accountability. How does this kind of business even get evaluated if the entire company falls solely on the labour of one person? Could one spouse get a separate account and simply make it transparent and show all income but try to keep a handle on the personal expenses? One expense is paying the lawyer fees with this account. Because of this, every day there is a call or email to the lawyer so the bill is high and at the moment it is a joint expense. Almost laughable.
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Old 03-05-2021, 11:52 AM
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arabian arabian is offline
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is business incorporated?
Business filed corporate taxes, HST/GST, WCB returns annually?
Business expenses should be tracked separately. Spouse can go back many years and create set of revised company books if they were not previously kept. Tax returns can be amended to reflect lack of bookkeeping.

If one business partner (spouse) diverts income from other partner (spouse) then spouse who is cut off has a very good case to file for interim spousal support (and it can be quite hefty).

I'd recommend taking a breather and focus on how to approach things amicably if possible. Keep 3rd parties (g/f's & b/f's, and family members out of things). Or do nothing, continue to spar and watch all your money and home equity go to lawyers.
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Old 03-08-2021, 01:39 PM
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Originally Posted by arabian View Post
is business incorporated?
Business filed corporate taxes, HST/GST, WCB returns annually?
Business expenses should be tracked separately. Spouse can go back many years and create set of revised company books if they were not previously kept. Tax returns can be amended to reflect lack of bookkeeping.

If one business partner (spouse) diverts income from other partner (spouse) then spouse who is cut off has a very good case to file for interim spousal support (and it can be quite hefty).

I'd recommend taking a breather and focus on how to approach things amicably if possible. Keep 3rd parties (g/f's & b/f's, and family members out of things). Or do nothing, continue to spar and watch all your money and home equity go to lawyers.
Hey! You must be bored. Good to see you posting!
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