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Message
re: Protecting a business from divorce
Posted on 12/10/19 at 11:37 am to Tigear
Posted on 12/10/19 at 11:37 am to Tigear
Give the business to her and let her pay him half. Start a new business with that money. Win-win
Buddy had a wife during the divorce tell him his tractor was $40k and he responded sold. They settled for $8k on it
Buddy had a wife during the divorce tell him his tractor was $40k and he responded sold. They settled for $8k on it
This post was edited on 12/10/19 at 11:44 am
1
Posted on 12/10/19 at 11:40 am to SoulGlo
Its called a prenup.
Posted on 12/10/19 at 12:06 pm to Barneyrb
Wouldn't she be entitled to half the business? Not half the value of the business. Therefore get a lower sales price (which she will have to agree too). You said that he was the reason the business did well, he can open a new one under a new business name after the sale.
Posted on 12/10/19 at 12:10 pm to SoulGlo
Why would a business that is going to bring in millions over the next 10-20 years only going to sell for $100,000? Is this a business that he knows will not be viable, for whatever reason, beyond another year or so?
Posted on 12/10/19 at 1:05 pm to Tigear
quote:
If you own a business prior to marriage YOU 1000% have to get your future spouse to sign that pre-nup. Period. She balks = end the relationship because it's a precedent for disaster down the line.
If you start up a business during the marriage you 1000% have to set up ownership & "disaster" documentation in the event the marriage dissolves.
Hope as a tactic is the worst thing you can do. It isn't love, it's business.
I love reading threads like this. So much interesting info that I would otherwise know nothing about.
Posted on 12/10/19 at 1:14 pm to oVo
quote:
1.Don’t marry
2. ??????
3. Profit
1. .45ACP
2. Shovel
Posted on 12/10/19 at 1:32 pm to deltaland
quote:
I despise the fact a man can take all the risk and do all the work then one day a bitch who didn’t do shite can leave you and take all your shite.
Well, a woman can be in that same boat.
On the monetary side, I have no sympathy for any crying man or woman when they don't have a prenup. I have been married twice both with a prenup and each stated property and money acquired during the marriage would be divided based on the percentage of income produced by each during the course of the marriage. Easy peasy and fair since I have no hangups about a woman working and both of my wives did/do.
LA is one of those goofy community property states (only 9 of them) which generally fricks one spouse good.
Posted on 12/10/19 at 1:43 pm to Bjorn Cyborg
quote:
Yea, there is more to this story. If he is the rainmaker, he can just either shut this business down or give it to her, and start the exact business back over with his same customers.
You aren't the first to think of this. When it happens a good divorce attorney just reopens the divorce proceedings based on fraud then it is on like Donkey Kong. No more vaseline and sand it is just dry crusher run getting shoved up the "I am smarter than all of you" guys hole.
Posted on 12/10/19 at 2:01 pm to SoulGlo
No he didn’t
Posted on 12/10/19 at 2:03 pm to SoulGlo
Why can't he sell for more if he has proven profits?
Posted on 12/10/19 at 2:04 pm to SoulGlo
quote:But if I wanted to take notes like Mark Cuban, what websites and search keywords should I use?
she went nuts and was gang banging on websites (no Mark Cuban notes gif, total butterface and not hot)
This post was edited on 12/10/19 at 2:05 pm
Posted on 12/10/19 at 2:08 pm to SoulGlo
Yep then you could hire him to run it and base his pay off profits
Posted on 12/10/19 at 2:10 pm to YouAre8Up
quote:Prenup is for shielding assets you already had before the marriage. OP said the business was started after they were already married, so a prenup wouldn't have saved him.
Its called a prenup.
Posted on 12/10/19 at 2:12 pm to SoulGlo
quote:
My friend just finalized a divorce that really kicked him in the nuts. He had about 900k in the bank, and a business that brought in about 400k last year and 300k this year. Somehow his business was valued at $1 million, and his payout was calculated off that. Problem is, there is no way he could sell it for anywhere near that. It could sell for maybe $100k. The divorce will likely force him to sell his house and business to pay because of the bullshite valuation(no long term contracts, only relationships).
It got me thinking. If a married man starts or acquires a business(with very little to no purchase cost), how can he structure it to protect himself and retain ownership if his wife goes nuts and decides to bail? Is it possible to retain all ownership if set up properly, or are guys pretty much fricked no matter what?
This exact thing happened to a client of mine, he paid out the arse, there was no way around it.
Posted on 12/10/19 at 2:41 pm to Tiger Prawn
quote:
Prenup is for shielding assets you already had before the marriage. OP said the business was started after they were already married, so a prenup wouldn't have saved him.
In most states, you wouldn't necessarily need a prenup to protect premarriage assets BUT without one, you have to be much more conscious not to mix and commingle them. Prenups can control both pre and post-marital acquisitions.
Depending on the state a postnup might have worked.
This post was edited on 12/10/19 at 2:45 pm
Posted on 12/10/19 at 2:57 pm to SoulGlo
It’s absolutely insane how a woman can cheat and then decide to leave a marriage and take half of a man’s retirement, assets, and future earnings. Then he struggles and she lives off of him until the next doofus sweeps her up.
I’m so glad there are a few good women out there that believe in hard work and true equality.
I’m so glad there are a few good women out there that believe in hard work and true equality.
Posted on 12/10/19 at 3:25 pm to Obtuse1
There is nothing wrong with what I described. The husband in this scenario is not a slave and forced to earn money for his ex-wife for life.
The business is worth what it is worth. After that sale, he is free to leave and do as he pleases. If that is start another similar business, then he would be free to do that.
The business is worth what it is worth. After that sale, he is free to leave and do as he pleases. If that is start another similar business, then he would be free to do that.
Posted on 12/10/19 at 3:29 pm to SHMILL
quote:
You’d have to set it up in your name only, keep all expenses and profits documented, then keep all the business transactions in a different bank from your community money.... and thennnn maybeee you could show it was all yours. But honestly, it would be community property bc you had to start it with money that was first, community money. But, now, if you could prove it was started with money you already had before you got married and it was and has continued to be separate? Then maybe.
Yeah business doesn't work like this.
Posted on 12/10/19 at 3:38 pm to deltaland
quote:
I despise the fact a man can take all the risk and do all the work then one day a bitch who didn’t do shite can leave you and take all your shite. It’s one thing if you decide to leave or broke your vows, but the fact that she can do that and take your shite is BS. They really need to change how divorce court works to a more common sense approach. If the wife didn’t work and all income was yours then you keep everything and only pay an alimony payment for a few years so she isn’t homeless. If she brought in 25% of income she gets 25% of assets or 25% of valuation of assets. If a business was started on bank loan using your name and credit only she is not entitled to any valuation of that business, only alimony based on what bring home from the business.
Well the flipside to that is regardless she is liable for half the risk. If the husband bellies up she is responsible and in a lot of circumstances even if he dies she's liable.
Posted on 12/10/19 at 3:47 pm to SoulGlo
quote:
He had about 900k in the bank,
He or the business? If the business had that in the bank then you know why it was valued at a mil.
quote:
Somehow his business was valued at $1 million, and his payout was calculated off that. Problem is, there is no way he could sell it for anywhere near that. It could sell for maybe $100k.
Step one: Shut down business and liquidate
Step two: start new business
I had a buddy that was a contractor and went through a nasty divorce. Wife got half of the construction company. He opened a second company and eventually shut the first one down. I think he still had to pay some alimony and child support but he wasn't sharing profit.
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