Starting a business before divorce is finalized

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Starting a business before divorce is finalized

I am planning on starting a business. Divorce papers have not been filed yet and i have concerns that spouse might have legal entitlement to business profits. How do I protect myself against this??

Asked on May 17, 2009 under Business Law, New Jersey

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You want to retain a lawyer in your area to put together a contract with you ex that explains that this new business is not marital property.  However, if there is alimony as party of the divorce and your income is going to go way up, she may be entitled to get you to make payments to her based on your income.  You should be very cautious about this as you do not want your wife to get a piece of the pie here.   Make sure you consult with a divorce lawyer. How mcuh you have to pay depends on several factors and you may be abel to get out of paying alimony entirely.  Do not dislcose the business to her till you speak to a lawyer in your area to explain how the contract or agreement on alimony should work.


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