Don't do ANYTHING without the advice of YOUR lawyer. Forget what his lawyer says - he is representing your husband not you.

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.

Bobbie,
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...

A personal business is very hard to value unless you are a professional. Get a professional, independent valuation of the business for yourself so you understand what is at stake. Sounds like your stbx knows there is something of great value there if he tried to get you to sign away your rights. Get the valution then sit down with your lawyer and see what you are entitled to. Only then can you decide how to approach the negotiations. You have to have all the information before you decide what strategy to use. Child support calculations will also be rough with a personal business so you need to be prepared to fight for what you and your children are entitled to.

Thanks all! It's a computer/software business. They customize software and hardware for businesses that have from 5 people to 1000's at different locations (multiple plants or offices). I know Richard27 is right about the "by the hour" stuff. I guess I just allow my lawyer, when it's time, to do the business evaluation and go from there. Whenever the STBX talks about dividing things up, he NEVER includes the business as an asset, but he always says something along the lines of "we're having cash flow problems at work, not much there, etc." I know that there is a BIG difference in cash flow and valuation. I did A/R & A/P for his company for several years. Again, mom didn't raise a fool. Anyway, thanks again!

Bobbie - I would agree that if you and your husband can reach a joint agreeement without lawyers it will be a less costly path. Once the agreement is reached I would have it reviewed by a lawyer before anything is signed. I'm personally using mediation instead of lawyers both to manage the cost and also to avoid a confrontational situation.

He is only interested in himself. You need to protect yourself and your children. Your lawyer will do the best he can for you and your children. My lawyer was a bull dog in my first divorce and thank goodness I had him. It did not drag out forever. You have to take care of yourself and think of the future for your children. If your ex gives you a hassle, tell him it is what the law states and you are only following the law and he can speak to your attorney about any divorce issues.

Pretty much anything bought during the course of the marriage is marital property. Doesnt really matter what those things are, house, cars, furniture, business, horses, the list could literally go on. You are entitled to 1/2 of the value of all those items.

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.