My husband and I sold a co-owned business this year. I am 90% shareholder and he is 10%. Am I entitled to 90% of the profit upon a separation/divorce?
We originally purchased the business with joint funds.
We sold in March as “owner financing” for 3 years.
No, the funds that each of you received from the sale of the business is marital property assuming the business was acquired during the marriage with marital funds and it was sold during the marriage. You would each have a claim to the funds received by the other.
Marital property is any property acquired during the marriage (between date of marriage and date of separation).
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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