Business partner's Wife Alimony

[helpmehere]

What is the name of your state? NJ

Today I was talking to a good old high school friend, Bob, and it seems he is in a conundrum.

A year or two ago he started a landscaping business with a guy he met in college, Jim. They both own 50% equal share on the business, officially. But both of them take salaries from business enough to pay their mortgages and stuff and put the rest of their profits back into the business, so they dont actually get 50% of the profit as salaries.

Jim has a wife, Jill. Jill is planning to apply for a divorce so that she can gouge as much money as possible from Jim.

Now Jill has absolutely nothing to do with the landscaping business, it was build on Bob's and Jim's hard work and dedication.

Now if Jill applies for the divorce, can she claim a stake on the business which Jim and Bob own 50% each just because she is Jim's wife? Or is it completely up to the court to decide that?

Now I am at a loss here. I dont know what to tell him as I've never been in that type of situation.

Yes, I changed the names around a bit.

Another question I had was, is alimony agreement changeable in the future in the state of NJ once it has been set?

 

[LdiJ]

What is the name of your state? NJ

Today I was talking to a good old high school friend, Bob, and it seems he is in a conundrum.

A year or two ago he started a landscaping business with a guy he met in college, Jim. They both own 50% equal share on the business, officially. But both of them take salaries from business enough to pay their mortgages and stuff and put the rest of their profits back into the business, so they dont actually get 50% of the profit as salaries.

Jim has a wife, Jill. Jill is planning to apply for a divorce so that she can gouge as much money as possible from Jim.

Now Jill has absolutely nothing to do with the landscaping business, it was build on Bob's and Jim's hard work and dedication.

Now if Jill applies for the divorce, can she claim a stake on the business which Jim and Bob own 50% each just because she is Jim's wife? Or is it completely up to the court to decide that?

Now I am at a loss here. I dont know what to tell him as I've never been in that type of situation.

Yes, I changed the names around a bit.

Another question I had was, is alimony agreement changeable in the future in the state of NJ once it has been set?

Yes, she may be entitled to 50% of Jim's share of the equity in the business. However, Jim could exchange that equity for equity in other marital assets (ie the marital home, for example).

Whether or not alimony is permanent, depends entirely on how the divorce decree is worded. That's assuming that alimony would apply at all.

Jim really should come here himself. There are a lot of questions that would have to be answered to give any further advice.