QUESTION
Can I sale my business to my business partner cheap if I am seperated from my wife.
Asked on Aug 31st, 2016 on Business Law - Georgia
More details to this question:
Neither of us have filed for divorce, we are just seperated. I own an LLC that is a partnership. My wife has never had anything to do with the business nor has she ever been listed as a partner. Can I sale my part of the business to my business partner cheap to avoid the business being harmed in a divorce.
1 ANSWER
If the business is considered a marital asset (I don't enough about the situation or Georgia law to know whether it would be), you would have a legal obligation not to waste the asset by selling it for less than it is worth. If, for example, you sold your share of the business for $100, knowing it was worth $1,000, you would probably be obligated, in any divorce, to pay your wife her share of the $900 you wasted.
Answered on Aug 31st, 2016 at 11:24 AM