Legal Question in Business Law in Florida

depressed spouse

my husband of 24yrs went into a car delership partnership 41/2 yrs ago and owned 25% of it with 2 other partners they were i believe like 37%. With the economy as bad as it is business has been slow this 2007 yr, so the other 2 partners bought him out with not even giving him back the original money that was put in. Meanwhile within the last 2 yrs we had to relocate to another city and things were good 2 yrs ago, but we bought an expensive home that we will no longer be able to afford and other property investments. My question really is where does that leave me the spouse who is very depressed over this and the 2 high mortgage pymnts that we have/ and also I am not in the business deal but I was the guarantor to the people that we bought the business from but the partners are releasing any obligations to them. Please advise if I stand any chance of getting any compensation as a spouse on my own trying to keep up or keep what my husband and I sacrificed for.


Asked on 10/15/07, 8:33 pm

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: depressed spouse

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

The parties to the partnership will be governed by the terms of the business deal. I am not sure if you are suggesting a divorce or some other claim against your husband or is your thought to go against the partners? You did not make your question clear. Regardless, if you willingly agreed to guarantee the debt, you did so knowingly with the hopes of profiting from this transaction. Now that it has not gone the way you wanted, you want to seek damages from someone which is not the way business transactions work. Investments come with a degree of risk and you either profit or lose money as a result. You will probably have no claim against the partners.

Scott R. Jay, Esq.

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Answered on 10/15/07, 10:30 pm


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