husband and wife were married while store was bought. then seperated. she sold the store after seperation. will he be responsible for any loss or gain after selling of store?
2006-10-25 03:59:38 · 2 answers · asked by Tina P 1 in Business & Finance ➔ Renting & Real Estate
It depends on the divorce agreement. If you split everything 50/50, then the husband will be responsible for 50%, unless the business was completely in her name and you agreed that it belonged to her OR she was awarded 100% of the business and the husband got something else to cover the value of 1/2 the business.
It really depends on the divorce settlement, how the business was set up and under whose name, and how the settlement was carried out. Most likely she received 100% of the business or it was considered solely her own property and the ex-husband will not be responsible. (In addition, if the business was split 50/50, then the ex would have been getting 1/2 the profits all this time.)
2006-10-25 04:59:41 · answer #1 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
I think so if they were married when they bought it. I think MN is a common law state.
Matt
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2006-10-25 06:58:34 · answer #2 · answered by Matt J 3 · 0⤊ 0⤋