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