I am going through a divorce and want to know the repercussions of starting a small business before my divorce is finalized.
Because of divorce waiting periods, my divorce won’t be final for almost a year and I would like to start my business as soon as possible.
How are assets and/or debts accumulated during the separation period but before the divorce is finalized handled? Can my estranged wife claim half of my business if it is launched before we are officially divorced?
I am unable to give you legal advice on divorce. I can give general divorce help for men, though, my knowledge is based on Georgia divorce laws where I am licensed to practice.
Once a petition for divorce has been filed or during the pendency of the divorce, both husband and wife are entitled to and responsible for any marital assets and/or debt, whether said asset is in both parties’ names or in an individual party’s name.
Neither party should make a transfer of property except for payment of a preexisting debt. Property includes income earned by both husband and wife.
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Also, the parties should refrain from making any significant change to the marital assets unless such change is routine or in the regular course of business. Any contractual payment responsibility may be considered debt. Payment on said responsibility with marital assets would be a transfer of marital property.
Remember, I am unable to provide you with anything more than divorce tips for men, so please consult with a mens divorce lawyer in your jurisdiction.