Is my wife entitled to half my startup company in a divorce if the company is not turning a profit and may never make money?

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Is my wife entitled to half my startup company in a divorce if the company is not turning a profit and may never make money?

I have a startup Internet search engine that is only bringing in $120 a month and my expenses exceed that so no profit. I created this company during my marriage as a potential second income. Should I try to do a trade now such as pay more than her fair share to rent an apartment in exchange for what she might get from the company in our divorce? My wife and I have been married 24 years. She took no part in developing the company.

Asked on March 26, 2012 under Family Law, Connecticut

Answers:

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

Answered 9 years ago | Contributor

The company is, with out a doubt, marital property.  With any business the value of the property has to be obtained.  Business are generally appraised.  Yours have no value as of now and future value is difficult to determine at best.  So at this point it is the money used for the start up that could be at issue.  One would need to sit down and look at all the assets and liabilities to see the best bargaining chip.  So seek legal help in your area.  Good luck. 


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