In a divorce action - there is equitable distribution which applies to; 1) division of property both real estate, pension plans, businesses, stock portfolios, art, etc. 2) and then there is the equitable distribution in income - meaning the higher incomes spouse will be liable to pay for the less monies spouse via a formula and also the attorney fees will be paid by the more monies party to the divorce action. In your case, if the husband opened his business after the date of the marriage, his business becomes a marital property and will need to be divided. Usually in in such circumstances, the business owner spouse does not have the cash on hand to buy out the other party and so there are usually payment plans which are calculated to pay over a specified time with interest the half of the total amount of the business sum that was evaluated by forensic accountants.
Answered on May 21st, 2014 at 11:17 PM