Q: Can my husband seek future profits from my business if I started it before we married?
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- New Jersey
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A: The information that you provided is too vague to answer. You need to have an in person consultation with an experienced matrimonial attorney to discuss your entire situation.
A:
Thank you for your question. This must be a real worry for you.
The short answer is possibly. But, this depends upon the type of business you have; any agreements you have in place; and also your divorce negotiations. A closely held or family business that you started before marriage would generally be your separate property, but if the value increased during marriage, then under some circumstances, your spouse might have a claim to a portion of the increase. If you resolve any potential claims to value, and the business is assigned 100% to you in the divorce, then any future income would be yours, but it might be subject to alimony or child support claims.
I understand that you need answers and need to protect yourself. I strongly suggest that you schedule a consultation with a family law attorney who has experience in dividing assets when a business is involved as soon as possible, so that you can understand the implications for you and your business in the event of divorce.
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