Legal Question in Family Law in Maryland
What happens to business when I divorce?
I own a business with 2 other partners. My wife and I are separating and I am concerned that she is entitled to a portion of the business. Her name is not on anything.
Asked on 3/12/07, 4:22 pm
1 Answer from Attorneys
Bill Wood
Law Office of William C. Wood, LLC
Re: What happens to business when I divorce?
She may be entitled to a portion of the business depending on when and how the business was acquired. In general, any property acquired during the marriage using marital funds is considered marital property subject to equitable division. If you acquired the business prior to the marriage and did not acquire additional equity in the business during the marriage, then she is probably not entitled to a portion.
Answered on 3/12/07, 4:36 pm