VIC Divorce with Failing Business

[simonk]

If a man starts a business with his uncle while married, and the whole time the business is going (2 years) it makes no profit, is the wife entitled to anything from the business when they divorce?

 

[AllForHer]

My initial thought is that she would be entitled to a portion of *your* stake in the business by its value, not its profit.

Can anyone else confirm?

 

[Victoria S]

I would agree that a court would look at the assets in their entirety to determine what is fair - and that would seem to be the value of the business. Have a look at the LawAnswers Family Law Forum thread "Property Settlement - Divorce" which links to information relevant to your question.

 

[Sarah J]

Yes, the court would look at how much the business is worth (i.e. if you were to sell it at a particular time) and multiply this by your share in the company. This would be a rough estimate starting point.

 

[Kimberly Dukes]

When you started business with your uncle (father-in-Law) then did your Wife get any business share?