Starting new business and divorce

[LdiJ]

It is getting OFF the lease now that could be a problem - or one of several problems - with this new business and the anticipated divorce.

Yep. Maybe the landlord lied to them and said she had to sign, but if so, it was only because the landlord wanted an extra person to be on the hook for the lease if the restaurant fails.

 

[quincy]

Yep. Maybe the landlord lied to them and said she had to sign, but if so, it was only because the landlord wanted an extra person to be on the hook for the lease if the restaurant fails.

Possibly.

Starting a new business when contemplating divorce is odd.

 

[My Question]

The landlord used our joint bank account in the qualification process and therefore said I had to sign also. Technically I could have refused but then their deal would have fallen thru and I'm not that mean. He doesn't want the divorce. He's using the business as another way to prevent me from leaving but I'm not going to let that stop me. I'm fairly confident the restaurant will be solvent and they won't default on the lease so I'm not super worried about that. I'm just wondering if I would get any profits since he started it while we were still married.

 

[Zigner]

The landlord used our joint bank account in the qualification process and therefore said I had to sign also. Technically I could have refused but then their deal would have fallen thru and I'm not that mean. He doesn't want the divorce. He's using the business as another way to prevent me from leaving but I'm not going to let that stop me. I'm fairly confident the restaurant will be solvent and they won't default on the lease so I'm not super worried about that. I'm just wondering if I would get any profits since he started it while we were still married.

It depends on the agreement that you come to in your divorce. Your attorney can best advise you on this.

 

[TigerD]

I have racked my brain for any way this situation is a positive one. Can't see one.
OP: You need to talk to your attorney. NOTE: More than 90 percent of restaurants fail.

TD

 

[LdiJ]

The landlord used our joint bank account in the qualification process and therefore said I had to sign also. Technically I could have refused but then their deal would have fallen thru and I'm not that mean. He doesn't want the divorce. He's using the business as another way to prevent me from leaving but I'm not going to let that stop me. I'm fairly confident the restaurant will be solvent and they won't default on the lease so I'm not super worried about that. I'm just wondering if I would get any profits since he started it while we were still married.

The odds of them having any significant profits during the period of the lease will be pretty slim. They likely will have a hard time of things for the first couple of years.

 

[quincy]

The landlord used our joint bank account in the qualification process and therefore said I had to sign also. Technically I could have refused but then their deal would have fallen thru and I'm not that mean. He doesn't want the divorce. He's using the business as another way to prevent me from leaving but I'm not going to let that stop me. I'm fairly confident the restaurant will be solvent and they won't default on the lease so I'm not super worried about that. I'm just wondering if I would get any profits since he started it while we were still married.

Thank you for the fuller explanation.

You are not at this point seeing any problem with being on the lease or sharing in the business with your husband. And perhaps there won't be any problem after your divorce. It would be nice if everything can remain friendly.

But I strongly suggest you seek the help of a divorce attorney so you can start to protect your financial interests, should the trust you apparently now have in your husband start to dissolve when your marriage to him does.