If my business parter lives out-of-state and is getting divorced, canthis hurt our company?

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If my business parter lives out-of-state and is getting divorced, canthis hurt our company?

We have a 60/40 percentage split; I the 40%. It is approximately 3 years old and it’s starting to grow. She has nothing to do with the company and sees money in the future. She is making noise and is demanding her share. She has just filed for divorce and is just making threats (I hope) right now. Is there something that I should do? Can she affect our company? I run the company and the designer of the products we produce. The company owes me money for loans I made for product development.

Asked on April 25, 2011 under Business Law, Oregon

Answers:

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

Answered 10 years ago | Contributor

I sincerely hope that you have an partnership agreement of some kind in writing.  If there is value in the company and her portion of the company is found to be marital property then yes, it can certainly effect your business.  If the business is profitable and her soon to be ex has not waived his rights in the company then expect that he will come a callin' to see that the company is valued for distribution as a marital asset.  I think that you need to seek help from an attorney in your area right away. Bring with you all the paper work you have regarding your agreements.  Good luck to you.


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