Q: I have a business in Maine (LLC-I'm the sole owner). I'm going to divorce my spouse. What can happen to the business?
A: A lot CAN happen to the business. The better question is what will likely happen to the business. In Maine the court must divide the marital property equitably, note not necessarily equally. The first question is whether or not the LLC is marital property. If you became owner during the marriage then it is presumed to be marital property subject to division by the court. If it is they type of business that really would have no value if you were not a part of it, ie a personal service type business, it will most likely be set aside to you. The question will be what is the value of the business and should your spouse be entitled to something of value to compensate her for you getting the whole business. There is a lot that goes into it so you should consult an attorney personally.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.