Featured Questions

How to ask legal questions on Askinglaw Thank you for visiting Askinglaw, a legal question and answer website. If you are interested in submitting a law related question, please click on the link above titled "Ask a Legal Question" When asking...

Readmore

Askinglaw, a legal question and answer site (Law Q&A) Do you have a legal related question that you can't find the answer to easily? Try posting it on Askinglaw, a legal question and answer site. There is a community of visitors who ask and answer questions....

Readmore

I was injured in a car accident. what is going to happen... This is confusing so I hope you understand it. I was a passenger in a truck. We were slammed from behind as we were stopped. The accident was the driver of the other cars fault. She was speeding and not...

Readmore

Child custody issue, Can a dad give a14 year old daughter... Can a dad give a 14 year old daughter a drug test and state more are to come while she is on his visitation without the consent of mom? She gets straight A's, on stucco, JV cheer leading and has won...

Readmore

How to Find Car Accident Attorneys in Illinois If you’ve been injured in a car accident, you shouldn’t wait one more second to find a firm of car accident attorneys in Illinois to represent your case. Every minute that passes, you’re probably...

Readmore

  • Prev
  • Next

Business ownership and divorce in Frederick Maryland

Posted on : 05-10-2007 | By : | In : Family Law

Tags: , ,

2

Is a business asset subject to the division of property under a maryland divorce?

I own a fairly successful trucking company in Frederick MD. I live in closeby Clarksville, MD. Unfortunately, my wife and I are getting divorced. She filed papers to me last week. I am devastated that my wife would want to divorce me. I have not yet hired an attorney, but am resigned to the fact that I will probably lose half of my assets and have to pay child custody for our 3 children.

Is my business subject to the divorce procedings? I am one of the partners in a LLC that ownes the company. Our articles of incorporation specify that if a divorce procedings were to happen, the other party can buy out the partner who is losing his assets due to a divorce, bankruptcy etc. I have not told my business partner what might be coming down the pipe. Is there anyway to protect my business interest from my wife? Do I have to “buy” her out (meaning buying 1/2 of my share of the company from her). If so, how do I valuate this?

I am hoping, maybe naively, that she will not think to take part of the business. I am worried her big city divorce lawyer will take me to the cleaners.

Answers (2)

Here is a good post with some advice on divorce you may want to look at. There is also a good website to do some searchs for lawyers listed. You might need a maryland divorce lawyer and a business lawyer as well.
http://askinglaw.com/divorce-in-kirkland-wa/

Regarding division of property, the laws are different in Maryland than some other states such as California.. Some states are community property states, like California. This community property system spits the assets right in half, no matter what. Other states, such as Maryland to a more equal distribution of the assets which may or may not be 50/50, it is whatever is deemed fair. Maybe this business you can keep and you might have to give up the house because it is “fair”.

Want to Ask a Similar Question? Click Here