momof4inCA
recently joined
Reged: 01/15/10
Posts: 4
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Question for you all regarding my STBX's business that he started up about 6 years ago. I was 100% against this business venture of his, but much to my disapproval, he went through with it anyway. $30,000 later and we're getting a divorce. He keeps telling me I am responsible for 1/2 of that debt. I'm more than happy to take on half of our PERSONAL debt, but for this business, for which I have had no say in, no name on any credit card or the business license or anything, I do NOT feel that I should be paying for it, nor can I even afford it.
It is a sole proprietorship, in his name only, in case that's an important element. The business has NOT been profitable in any way, any income he made from it went straight back into the business itself.
Any advice?
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Eve
member
Reged: 11/28/05
Posts: 112
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If you had no say in the financial aspect of the business, and you had no say in how the business was run, I don't see how you could be "responsible" for any of the debt from the business.
But, I guess it depends on the state you live in!
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d2njti
member
Reged: 03/05/08
Posts: 187
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In a community property state, the assumption is that all assets and liabilities acquired during the marriage are jointly owned. If you can proove that you had NOTHING to do with the business, you could make an argument that you are not responsible. Problem is as a sole proprietorship, the investments and expenses were probably paid with joint funds, and the business would have been reported on a joint tax return. Good luck.
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Redlegg
Carpal \'Tunnel
Reged: 10/05/06
Posts: 26804
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Just treat it like you would if it was a 401K worth 500K that did not have your name on it......
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sadad
member
Reged: 01/01/10
Posts: 103
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agree with redlegg!!
--------------------
It takes a "special" person to cheat.
Once a cheater always a cheater!
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