Business joint ownership

[backinthesaddle]

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 don’t actually have the skills to continue it.

 

[Janus]

Is the business evaluated and one owes the other?

Yes, and that is true whether or not it is a joint ownership

What about future earnings since one would be disadvantaged because they don’t 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.

 

[Berner_Faith]

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 don’t actually have the skills to continue it.

If one spouse played no active role in the business and didn’t give up their career for said business I don’t 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 can’t except to be paid out of the business and still reap the ongoing benefits



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