Richmond, ME asked in Divorce for Maine

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?

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1 Lawyer Answer
Robert Guillory
Robert Guillory

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.

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