Divorce - Alimony - Business Asset ??'s

[kellypa2678]

You said your BK was 09, but what year did he buy the business? You have no idea if he brought any of the assets used to buy it to the marriage?

What is the dollar value of that laptop and phone line?

He bought the business in 10, I'm sorry I messed up on the year of my bankrupcy, it was Dec 10, and he bought the business in Sept 10.

"You have no idea if he brought any of the assets used to buy it to the marriage?"

I'm sorry I don't understand what you mean??

The dollar value on the laptop was 299 and the phone/internet is 89/month.

 

[LdiJ]

He bought the business in 10, I'm sorry I messed up on the year of my bankrupcy, it was Dec 10, and he bought the business in Sept 10.

"You have no idea if he brought any of the assets used to buy it to the marriage?"

I'm sorry I don't understand what you mean??

The dollar value on the laptop was 299 and the phone/internet is 89/month.

She means did he have money saved, before you got married, that he used to purchase the business? You already answered that question when you said that he made payments.

That is also why I was asking you where the money came from. I was trying to figure out if he used money that was considered his separate property, or marital funds, to purchase the business.

It appears that the funds were marital. However, if he had used premarital savings, or an inheritance, or a gift from his family, or even a loan in his name only that was still almost fully outstanding, then the business would be likely to be his separate property.

 

[kellypa2678]

Thank you so much for that detailed expanation. Thats answers without a doubt, it is a marital assets as the funds came from his biweekly paychecks, and out of the families housing needs and table, so to speak. This year when I did our taxes we were hit very hard as he didn't keep out any taxes and because I have a kid, we usually get a good amount, not so much this year. Back when we first got married he cashed in on his 401k, which was like 10K, he never paid taxes, and well the following year, our refund for taxes was garnished, and I never saw a dime from that. Not that I should have, but you would have thought that if OUR taxes were going to be used to pay that, that he would of atleast bought me a nice present. Last year our tax refund went towards his DUI. I just want to start my life again, with my child, and unfortunately the ugly truth is that I need money to be able to do that. I'm still in denial that he doesn't want to work this out with me, as we have so much history together, but it is his choice. I think I'm being fair with asking for 7k, for a clean cut divorce. His mentality is this, he tells me he wants to end out 11 year relationship, 6 married, and then goes to his friends house to watch a race and doesn't come home till 2 am, then the next mornign, gets up and goes to the legion for a "liquid" breakfast.

 

[mistoffolees]

On sat when he told me, and I don't know if I did the right thing or not, but I told him that I would take 7K and we would be done with it. That way I wouldn't touch his business. He said to me, why do I have to pay you, why don't you have to pay me?? He made the comment why do men always get the shaft.

What you need to do is (either with him or without him) sit down and lay out all the assets and debts. You will each be entitled to 1/2 of each.

For the business, there are a lot of ways to value a business. The easiest (and typically the lowest value) is liquidation value. If you have a list of all the equipment, materials, etc and can estimate what they would sell for at fair market value, then that gives you a lower bound on the value of the business.

Since it's a landscaping business which depends on stbx's labor, I doubt if it's worth a lot more than that.

 

[kellypa2678]

Yes I agree with that. The assets of the business would be all in the machinery and what not. I don't know what the best course of action is, taking a settlement or going to domestic relations for spousal support and going through the courts. But my guess would be to amicably work this out between the two of us is best. That is what I want to do. I'm not taking anything from the house. He has a room with antiques that he has accumiliated over the marriage that weigh in over 50, but like I said, I only want 7 which will set me and my child up, with a place and a savings account. the business has 4 tractors worth 10 atleast a pc, which is out of my husbands own mouth, the trailer that is another 8, and small machines that would probably bring in another 1000.

 

[mistoffolees]

Yes I agree with that. The assets of the business would be all in the machinery and what not. I don't know what the best course of action is, taking a settlement or going to domestic relations for spousal support and going through the courts. But my guess would be to amicably work this out between the two of us is best. That is what I want to do. I'm not taking anything from the house. He has a room with antiques that he has accumiliated over the marriage that weigh in over 50, but like I said, I only want 7 which will set me and my child up, with a place and a savings account. the business has 4 tractors worth 10 atleast a pc, which is out of my husbands own mouth, the trailer that is another 8, and small machines that would probably bring in another 1000.

You are right that, in general, it is worth working things out yourselves. I've seen quite a few people spend a LOT more in legal fees than they had any hope of recovering.

However, I would encourage you to at least talk with an attorney so that you understand your rights and what you're entitled to. It's not uncommon for people to walk away from a significant amount of money - and then suffer later because they really needed it. You can get an initial consultation without spending much money (sometimes it's free).

 

[tuffbrk]

You really do need to speak to an attorney. for example, you provide no explanation as to why you and your child need to leave the marital premises prior to the divorce even being filed. Good luck.

 

[nextwife]

Are there loans against the equipment?