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Starting a business and getting a divorce...

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R

rdf3269

Junior Member
MICHIGAN - I am about to start a business and am also thinking about filing for divorce. My question is if both parties come to a legally binding agreement before the divorce is filed (i.e., we get legal documents, notarized on our own or through attorneys, stating that one party gets 90% and one party is entitled to 10%, or whatever the agreement may be, for the remainder of the life of the business), when it comes time to file for divorce and the party receiving 10% decides to fight for 50% out of anger or for some other reason (even though we have come to a legal agreement before hand), is it possible for the outcome to go in their favor if they want to fight it and for them to receive half of the business even with the said documents in place? Basically I would like to know if those documents and agreements made before hand would stop any sort of repercussions of having to lose half of my business because the other party gets angry or hires an attorney to fight it when the divorce begins?What is the name of your state (only U.S. law)?
 


LdiJ

LdiJ

Senior Member
rdf3269 said:
MICHIGAN - I am about to start a business and am also thinking about filing for divorce. My question is if both parties come to a legally binding agreement before the divorce is filed (i.e., we get legal documents, notarized on our own or through attorneys, stating that one party gets 90% and one party is entitled to 10%, or whatever the agreement may be, for the remainder of the life of the business), when it comes time to file for divorce and the party receiving 10% decides to fight for 50% out of anger or for some other reason (even though we have come to a legal agreement before hand), is it possible for the outcome to go in their favor if they want to fight it and for them to receive half of the business even with the said documents in place? Basically I would like to know if those documents and agreements made before hand would stop any sort of repercussions of having to lose half of my business because the other party gets angry or hires an attorney to fight it when the divorce begins?What is the name of your state (only U.S. law)?
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If you use marital assets to start the business, its going to be difficult to deny the other party half of the business, or rather half of value of the business. If you use (for example) a bank loan solely in your name, with no marital assets as collateral, or use only premarital assets as collateral, then it would be less complicated.

If you are seriously thinking of divorce, then maybe that should happen before you start your business.
 
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