If Isell my business because I’m getting a divorce, do I lose my right to alimony?
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If Isell my business because I’m getting a divorce, do I lose my right to alimony?
My husband is divorcing me and he has been supporting me while I ran my own business; it has not been profitable for 2 years. Once I sell it I will be out of debt but have no way to support myself.
Asked on January 4, 2012 under Family Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is no easy answer--it depends on your forward-looking financial picture; your husband's financial picture; how long he supported you; etc. Another factor is whether or not you may have to distribute to *him* some of the proceeds of the sale--it is not uncommon for the spouse who supported the business-owning spouse during the development or growth of the business to be entitled to a share of the business or its proceeds, under the theory that it was the spouse's support which made the business possible. You should consult with a family or matrimonial law attorney about this issue and different possible scenarios before doing anything.
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