Spouse Owned Business


#1

The business is a marital asset because it was incorporated during the marriage and because your efforts during the marriage grew the business. In order to have it valued you can hire a professional who is skilled in performing business valuations and they can give you an opinion as to the value.

P.S. Please feel free to bring up this or any other topic on our live call-in show every Wednesday at 11:00 a.m. EST. Visit radio.rosen.com/live for details

Helena M. Nevicosi
Attorney with Rosen Law Firm

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The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#2

I have been separated from my spouse now for a few months and in the negotiations he is claiming that he is owed half of the value of my business.

I had a different career before we were married, but knew that where we would move to I would not be able to continue that career. I decided to start a home-based business. I opened the bank account and was paid for my first job before we were married.

We moved and I quit my first career, started a family, and continued growing the home-based business. A few years ago I converted it to an LLC with me as the sole member/owner. I pay myself a salary from the business. For a few years it was the main source of income for the family.

He has not materially contributed to or participated in the business, I have never paid him, and only occasionally ran an errand or two when I was swamped.

Does he really get half? How do I put a value on it?

Beth