In divorce cases, every asset owned by each party is carefully reviewed in order for a determination to be made as to how the property will be distributed after the divorce. Business owners sometimes face unique issues when it comes to property distribution. If the parties are co-business owners, the parties will likely have to split the value of the company. But what happens when one party is the owner of a family business that the other has had absolutely no involvement with throughout the duration of the marriage? Should the other party still be able to benefit financially from the family business?
The answer to this question is not always black and white. In order to prevent the uninvolved spouse from asserting a marital interest in the business, your Lowell divorce lawyer will need to prove their lack of involvement. Producing business records and other documentation is useful evidence, however, the deposition also serves as a useful tool as it provides the opportunity for the uninvolved spouse to answer direct questions under oath concerning their involvement in the business.
Questions You Can Expect
While the types of questions asked by your Lowell divorce lawyer will vary based on the individual circumstances of the case, you can expect to hear questions that focus on how the business was founded, who was responsible for running it and who was in charge of the day to day operations. Examples of other questions include:
- Did the spouse have an interest in the business before the marriage?
- Did the spouse who was aware of the interest seek to assert that interest ?
- Had the business undergone any changes since the separation?
- If so, what were they?
- Would the business still be able to function without the involvement of the spouse seeking to assert an interest?
Contact our Lowell Divorce Attorney
If you are involved in a divorce proceeding or are considering filing for divorce, contact the Law Office of Bruce A. Gage at (978) 384-1078 or (877) 829-0831 to discuss your case with our Lowell divorce lawyer.
