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Illinois2012
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Reged: 02/06/12
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Business started during marriage
      #776902 - 02/06/12 01:32 PM

My spouse and I started a business while we were married.
My spouse continued to run the business during our divorce process and has a salary of about 125,000 per year (we have been going thru the divorce process for over 3 years now) My spouse has been dragging out the process and been syphoning money out of the business and now the business is on the verge of shutting down. $ years ago the company was valued at over 3 million dollars. My question is how do I get any of the value of the business when it was worth something ?? or am I just FU@KED ????


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Renny
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Re: Business started during marriage [Re: Illinois2012]
      #776926 - 02/06/12 03:00 PM

Need to know more about the business structure. You both started it but you gave him total control after a while? You had no say in his syphoning off money? Where did that money go? How long married? Income now?

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Illinois2012
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Reged: 02/06/12
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Re: Business started during marriage [Re: Renny]
      #776972 - 02/06/12 07:27 PM

Business was in spouse's name and another partner's name
I filed for divorce 3 plus years ago and was fired from company 2 weeks after I filed. I haven't been involved in business in 3 years.
we were married 5 years when I filed it has been 3 years since we were separated.
as of last asset disclosure statement Spouse had over 125,000 in income.
I have had zero income since un employment ran out 2 years ago
Looking at the bank statements from spouse the money has been pissed away on concerts,limos, liquor,home improvements, new car


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Renny
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Re: Business started during marriage [Re: Illinois2012]
      #777143 - 02/07/12 10:11 PM

Sorry to hear you have no income and that th divorce is dragging out. I can't tell what's going on procedurally -- what is taking so long to go to trial.

As for the business, although its a marital asset and lots of things re possible in theory, in practice I wouldn't expect much at this stage of the game. Perhaps the best plan is to find employment and move on.


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