If my dad’s soon to be ex-wife is going after his business, is she entitled to it?
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If my dad’s soon to be ex-wife is going after his business, is she entitled to it?
My dads wife of 3 years is going after my dads business. It is now becoming very profitable, but only very recently. The business has A lot of debt. If she goes after the business, will she get her hands on the profit? Or will she have to split the debt with him? Side note: My dad has terminal cancer, she left, him, took all his money from their joint accounts, maxed out their lines of credit, and is now going after child support for her 2 kids. She’s the devil.
Asked on January 27, 2011 under Family Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The short answer is that if they divorce, his soon to be ex-wife will be entitled to half of the assets they accumulated during marriage--which means that she has a claim against the business and/or for an amount of other money or assets equal to its value. Of course, other assets or money she's already taken and debt she's incurred will also be considered in deciding how to split assets.
The long answer is every situation is different and they can get complex, especially when there is a business involved (e.g. how much is it worth--that alone can be difficult). Your father should consult with a divorce or matrimonial attorney immediately.
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