
Breakups & Divorce Support Group
Just broke up with someone or in the midst of a difficult divorce? Breaking up is difficult no matter what the circumstances are. They say that time heals all wounds, but sometimes a listening ear or a hug can work wonders for the heart. Whether you need a place to vent, someone to hold you to No Contact, or need advice about what to do, we're here to help.

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Been married for almost 12 years. My husband is in the process of leaving because we don't fit into his social schedule (read partying) and is unhappy because I am not jumping for joy when he finally graces us with his presence. He's seen a lawyer and has started the process. My problem is that he and his partner own a business. His lawyer "suggested" that we divide up the assets ourselves and come to an agreement and then, Only then, get me a lawyer to finalize it. We live in a marital property state. We purchased the business in 2002 using our house as collateral. The business is marital property according to the lawyer I found. He is quite a bulldog and wants to make sure I get mine. My problem is how far do I take it? I want the house, but we owe on it. My lawyer, who is great, says that the STBX wants me to leave the business alone, then he can pay for the house, my car, etc. Like I said - He's a bulldog! Do I tell my lawyer to go for it? It will be contested and it will drag on & on. I have a son to think about, also. BTW, The STBX came home about a year ago with a legal doc stating I needed to sign it. It was a doc that said, in case of divorce I let go of any claim on the business. My mama didn't raise no fool. I refused. Any advice is appreciated.
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You are indeed entitled to a portion of the business assets - including any retained earnings. You don't say what type of business it is. For a professional practice (doctor, lawyer, CPA) you would only be entitled to things like a portion of the value of the building (we used our personal funds to buy the one my husband uses as his office) and 1/2 of retained earnings at the date of separation (any $$$ in the business that has not been taken as a salary but kept in the business).
If your business is more of a retail or manufacturing nature, then you might need to get a business valuation because the business is worth more than just the assets and retained earnings. My husband does business valuations all the time for people going through divorces.
Again, please don't sign or agree to anything until you talk to your attorney. I've seen more than one person screwed over on this type of issue. You need to find out how much you would be owed on the business before deciding whether it is worth fighting over. If you can get you want and need (like your house paid for) then it might not be worth fighting over the business. On the other hand, you could be walking away from something that is worth a lot of $$$, so be careful. Good luck.
a contested divorse can take 30% of the total assets. Lawyers are trained fighters, they can duke it out forever and get paid by the hour, it's too bad he jumped to the lawyer first before talking it through. I would seek out the advice of a mediator or financial person that has a background with this. I know this isn't much but...
Now, with that said, you are also entitled to 1/2 of all the debt accquired during the marriage. This includes credit cards, bank loans, house loans, car loans, business loans, unpaid medical bills, this list could also go on.
As far as determining the value of the business, you could look at tax returns. A lot of factors can come into play when looking at business during divorce proceedings. Have it looked at by someone who does this for a living, an independent party who has nothing to gain from giving an honest estimate.
As far as lawyers go, I would suggest you consult MORE than 1 before deciding which one you like. Just because they are a "bulldog" doesnt mean they are really looking out for YOUR best interest. Some look at DOLLAR SIGNS ONLY. They may see a way to drag things out and make an extra buck. The more things that couples fight over, the longer it takes and the more it costs.
Others can be just as "bulldogish" and really have your best interest at heart. They are willing to do what YOU want.
Decide what YOU want. Then talk to lawyers to see who you are comfortable with and who is willing to do things the way you want them done.