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whiteblue

Junior Member
What is the name of your state (only U.S. law)? Michigan
My parents started their own business in 1985. They divorced in 1999. The agreement stated that my mom was to get a certian percent of the "proceeds" once the business sold. It is now selling for what is owed on it. My father will not make a profit. Does my mother have any legal claim to any money in this transaction? He will profit from the sale of the PROPERTY but it is under another business name. Does she have access to that money?
Thanks for your time
 


LdiJ

LdiJ

Senior Member
whiteblue said:
What is the name of your state (only U.S. law)? Michigan
My parents started their own business in 1985. They divorced in 1999. The agreement stated that my mom was to get a certian percent of the "proceeds" once the business sold. It is now selling for what is owed on it. My father will not make a profit. Does my mother have any legal claim to any money in this transaction? He will profit from the sale of the PROPERTY but it is under another business name. Does she have access to that money?
Thanks for your time
Click to expand...
Odds are that the property in the other business name was also addressed in the divorce. If it wasn't, then your dad may have played games that would allow the property settlement to be reopened.

If your dad transferred the property to another business name, after the divorce, or prior to the divorce without your mother's knowledge, then definitely your dad played games that would allow the property settlement to be reopened.

Your dad needs to consult an attorney and lay all his cards out on the table.
 
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whiteblue

Junior Member
thanks for the response. The transfer took place either during or right after the divorce. I don't know all of the details. Would she have to go to court before it sells to get a settlement?
 
LdiJ

LdiJ

Senior Member
whiteblue said:
thanks for the response. The transfer took place either during or right after the divorce. I don't know all of the details. Would she have to go to court before it sells to get a settlement?
Click to expand...
I don't know whose side you are on in this scenario, but your dad really tried to play games that are going to bite him in the butt.
 
M

mistoffolees

Senior Member
LdiJ said:
I don't know whose side you are on in this scenario, but your dad really tried to play games that are going to bite him in the butt.
Click to expand...
All you can say is that MAYBE that happened. Unless you have a copy of the divorce decree and business transactions, it's impossible to say exactly what happened.
 
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