Legal Question in Family Law in Oklahoma
Divorce... everything owned by business
Subject line says it all. $120 million business (after debt), but personal bank accts. with just enough to pay bills. Almost nothing in our personal life is paid personally, but mostly through the business- definitely almost our whole life, including a jet plus one part ownership, a condo, twelve cars, art, tickets to major league and college sports, etc... even my personal vehicle is in the company name.
I've been with the man since he started basically (16+ years), quit my job before we married seven years ago, and now am afraid of getting nothing. We are in Oklahoma. What about child support or alimony based on his business versus -ersonal accounts?
2 Answers from Attorneys
Re: Divorce... everything owned by business
If your husband has an ownership interest in the business, then any increase in the value of the business occuring during the marriage should be considered marital property. Marital property must be divided equitably by the court between the parties. This usually means 50/50.
Living expenses paid directly by the business should be considered as income to your husband for purposes of calculating child support and alimony.
I strongly encourage you to retain an attorney to represent you, and you should do so as soon as possible. If you would like to discuss your situation further, please give me a call.
Re: Divorce... everything owned by business
Based on what you've stated, you're entitled to an equitable share of the joint property, which should include the business valuation. Assuming you don't have an attorney, you should consider getting one (for YOU, to represent YOUR rights through the proceeding). If your husband has the size of business you state, he'll likely have legal counsel representing his rights; I suggest YOURS be independently represented in what sounds like a possibly complex financial assessment with a lot at stake.