Q: My ex husband and I, along with a third party, own a business together. It is in our separation agreement as so.
Can any one of us fire or force out another? I assume yes, with lots of time, money and lawyer. Is this difficult to do? Am I "protected" with the separation agreement stating I am keeping my ownership? I live in CO, I don't know why TX came up.
A: Without looking at all the incorporation documents I cannot discuss all the potential way in which an owner's interest could be bought-out, so I will focus on general corporate rules. If you are an interest recorded in the incorporation documents, you cannot be forced out under any conditions (no lawyer with infinite money can force a lawful owner to leave). The other parties can offer to buy you out of your interest (this is wholly voluntary). You are correct that a separation agreement can agree to divide (or not divide) a formerly married interest. If the separation agreement preserves your interest (or does not discuss a division), you cannot be forced out (baring a few very limited exceptions). In short, you are like fine. If you feel your interest is threatened I recommend that you contact a lawyer.
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