What are my rights regarding a business thatI opened after separating from my husband but prior to filing for divorce?

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What are my rights regarding a business thatI opened after separating from my husband but prior to filing for divorce?

My husband and I are in the middle of getting divorced. We separated over 7 months ago. I opened a new business in my name 2 weeks later. I filed for divorce 2 months after that. Since I opened the business before I filed for divorce, my husband is entitled to 50% of that business. He is pursuing a business evaluation and wanting me to buy him out. If I close the business and seek other employment, can he still pursue the business evaluation and does the business have any value? Also, if the business is closed do I still have to buy him out?

Asked on July 18, 2011 under Family Law, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to obtain help from an attorney in your area NOW and if you have an attorney and they have not helped you figure this out, get a new attorney.  The business is now considered a marital asset and at this point in time I would not do anything to submarine its value - which closing it would be - because you could be charged with dissipating the marital asset.  If that happens then you could have the value placed in your column, so to speak, and owe him the value regardless.  Is there any way to negotiate the value versus a pension or other asset that he may wish to have solely?  The entire picture needs to be looked at here.  Get help. Good luck to you.


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