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ncdad
recently joined

Reged: 01/17/09
Posts: 12

Starting a business

#526430 - 04/27/09 01:43 PM

Hi everyone - I have a few questions for the community.

I am currently separated and want to start a business. How can I protect the income and assets if this leads to divorce? It will be a software company...is there any risk in using a family-owned (shared marital asset) in this scenario? Should I just buy a new computer to make things cleaner? I have not filed for divorce yet.

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Maury
Carpal \'Tunnel

Reged: 06/02/04
Posts: 8146
Loc: This Asylum --->

Re: Starting a business

[Re: ncdad]
#526990 - 04/28/09 10:05 PM

Much depends on yoiur particular state.

All assets acquired during the marriage are presumed marital. However, each state has a valuation date fo rthe assets. Some use the separation date, Some, like Minnesota, use the first settlement conference hearing in the divorce as the date. Others, like Wisconsin, use the date of trial.
That creates a great risk.

Regardless of the state, if you are separated, you may always argue that there was no marital contribution to the new business created during the separation. It is an argument, but not a guarantee that the asset will not be considered marital.

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