Does It Matter If I Own My Own Business Before And During My Marriage When It Comes To The Division Of Assets In Divorce?
If you owned a business prior to the marriage, then it would be set aside as premarital and would not be subject to equitable distribution. However, even if it is a premarital asset, it could be commingled and become part of the marital estate. For example, if you named your spouse as the Vice President, had your spouse working at the business, paid your spouse through the business, used personal finances to fund the business or pay for liabilities of the business, then a portion of the business’s assets and debts will be subject to equitable distribution. If you acquired a business during the marriage, then all of the assets and liabilities will be subject to equitable distribution in divorce, regardless of whether the other spouse contributed to the business. If this is your livelihood, the business has no goodwill or other circumstances exist, you may be entitled to unequal distribution.
How Does The Division Of Assets And Debts Change If Both Parties Own The Business?
If both parties own a business, then each party would receive half of the equity in the business. An evaluation of the market value of the business could be performed in order to determine the equitable portion.
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