Company Buyout thru divorce, Info needed

What is the name of your state? Ohio

When x and I divorced he agreed to BUY ME OUT OF HIS BUSINESS. According to Ohio, marriage gave me 25% of his ownership, which is 50%...the other 50% belongs to his brother. Anyway, we agreed to monthly payments over 10 years and has to this date paid them in reasonably good standing (twice gave me bad checks) but made good on both.

Problem is, it appears now that he and his brother have taken on some bad habits, drugs and drinking. He's consistently broke to the point (or so he says) that he's not paying his child support on time (6 weeks behind). Long standing employee's are quiting. Grapevine says company is going down hill fast.

Where's that put me? If he allow's the company to go under, and ends up either losing it to the bank or having to file bankruptcy, is my claim on the company (buy out) considered first for payment, or do I become part of a list of debts they owe. Does anyone know if I can file a lein against property and secure this money, it's in the 6 figure range, and not something I want to risk.

Chances are my spoiled, immature X husband, who's never been privy to alot of the information of the business, isn't considering the fact that without that job he has no marketable skills, and can't live on beer and babes. But I don't foresee him acquiring another job and being capable of paying child support, which would bring that to a halt. So.... that leaves me with my buy out money to pay my kids way. WHAT DO I DO, and who do I call to get this information. Where do I start************** help if u can?

[I AM ALWAYS LIABLE]

My response:

First, and foremost, he can't get out of, or away from, his child support obligations - - even if he eventually has to flip burgers at McDonalds.

However, and with regard to your "buyout", I need to know how that's listed in your marital settlement agreement; e.g., is it part of your Spousal Support, Child Support, or is a separate promissory note, or ?

In other words, what do the controlling paragraphs of your MSA say about the "buyout", and how it's considered, other than what you've already said?

IAAL

Husband will pay to the wife starting Jan 02 as a property division $$$$$$ 120 monthly payments of $$$$, per month for a total of 120 months. This payment is due on the 1st of the month...blah blah blah, grace period....blah blah blah 10% penalty if not paid on time.


So, do I still own this property till it's paid off? Do I have rights to have the books audited and get a profit and loss statement, keeping me up to date on the activities and whether I need to take action to claim the money? What ya think?

[I AM ALWAYS LIABLE]

Originally posted by Becky0037
Husband will pay to the wife starting Jan 02 as a property division $$$$$$ 120 monthly payments of $$$$, per month for a total of 120 months. This payment is due on the 1st of the month...blah blah blah, grace period....blah blah blah 10% penalty if not paid on time.


So, do I still own this property till it's paid off? Do I have rights to have the books audited and get a profit and loss statement, keeping me up to date on the activities and whether I need to take action to claim the money? What ya think?

My response:

Apparently, you're either unable, or unwilling, to answer my questions - - or, perhaps, it's as simple matter of you just don't understand what I asked of you. Therefore, I cannot assist you. Have your papers reviewed by a local Family law attorney.

Thanks for stopping by, and good luck to you.

IAAL

Very willing to give what information I have access too, the paragraph I listed is the only one in my divorce settlement. Make it appear to me as a promisory note by him to pay me 120 payments over 10 years. If your in need of more please just ask...thank u for ur guidance

[I AM ALWAYS LIABLE]

Originally posted by Becky0037
Very willing to give what information I have access too, the paragraph I listed is the only one in my divorce settlement. Make it appear to me as a promisory note by him to pay me 120 payments over 10 years. If your in need of more please just ask...thank u for ur guidance

My response:

Okay. Assuming that you're correct, and that the reference to the debt in the MSA is a "promissory note", and NOT listed as a part of Child or Spousal support, then if he goes "belly up" via Bankruptcy, so too goes your share of the business, and his obligation to pay you. I imagine if your MSA was written up by your attorney, he did you no favors - - that is, he failed to protect you against such things as a Bankruptcy by your husband. That's why I asked how this debt was listed; e.g., as child or spousal support. If it was tied to either of those, then your husband would not have been able to extinguish his debt to you through Bankruptcy.

And no, unless it's a part of the MSA, you have no right to a review of his company books.

IAAL

Like a promisory note? I appreciate ur opinion. Do I have a recourse for lein of property, or can I call the loan now if I feel the business is in peril? Would u recommend me going back to court about his matter and letting a Corporate attorney handle it in a more suitable fashion? Do you have any recommendations on how to safeguard this? Help me if u can

What is MSA?