Going through a divorce can be very hard. When a business is part of your marriage, things can get even harder. It is important to know your rights. You need to know how to keep what is yours safe. This guide will help you learn how to stop your ex from selling a business you share.
What if the Business is in Both Names?
Business in Both Names: If the business is truly in both your names, it is simple. This means both people must sign for any sale to happen. If you do not want it sold, do not sign any papers.
Keeping Your Part Safe: When both names are on the papers, you have a lot of power. Just by not signing, you can stop the sale. This is the easiest way to keep your business safe if it is truly joint.
Ways to keep it safe:
- Do not sign papers.
- Check all business papers.
- Talk to your lawyer fast.
Things to watch for:
- Offers to buy the business.
- Any papers asking you to sign.
- Changes in business money.
Example: Sarah and Tom owned a coffee shop. Both their names were on the business papers. When Tom wanted to sell it, Sarah said no. She did not sign. This stopped the sale because her name was needed for the deal.
What if the Business is Ours, but Only in One Name?
What “Ours” Means: Often, a business is “ours” because it started during the marriage. This is true even if only one person’s name is on the papers. This kind of business is still shared by law.
Keeping Our Business Safe: If the business is yours, but only in one name, you still have rights. You need to tell your lawyer about this fast. They can help you take steps to stop a sale.
First steps to take:
- Tell your lawyer about the business.
- Find papers about the business.
- Be ready to act fast.
What your lawyer can do:
- Ask for a court order.
- Keep your part of the business safe.
- Work to stop any sale.
Example: Mark started an online store when he was married to Lisa. Only his name was on the papers. Lisa told her lawyer. The lawyer helped make sure the store was seen as a shared thing. This helped Lisa keep her part during the divorce.
How Can a Judge’s Order Help?
Stopping a Sale with a Judge’s Order: Your lawyer can ask a judge to make an order. This order can stop your ex from selling big things like a business. It means they cannot sell it while the divorce is still happening.
Getting a Clear Order: If you think your ex might try to sell the business anyway, you can get a very clear order. This order will say that nothing can be sold during the divorce. This gives you more safety.
Kinds of judge’s orders:
- Order to keep things the same.
- Order to stop any selling.
- Order to put money aside.
What these orders do:
- Keep big things from being sold.
- Keep your money safe from a sale.
- Give you time to work things out.
Example: Jane’s ex tried to sell their family company. Jane’s lawyer got a judge’s order that stopped all sales. This kept the ex from selling the business. It made sure it stayed part of the divorce talks.
What if the Business is Already Being Sold?
Keeping the Money Safe: If the business is already being sold, or a sale is about to happen, you can still act. Your lawyer can ask for an order to put all the money from the sale into a special account. This money is held until the judge decides how to divide it.
Making Sure You Get Your Share: This way, even if you cannot stop the sale, you can stop your ex from spending the money. The money will be safe and divided fairly later. This makes sure you get your part of the business’s worth.
Steps if a sale is happening:
- Get an order to hold the money.
- Make sure money goes to a lawyer’s account.
- Do not let money disappear.
Why this helps:
- Money is safe from being spent.
- Judge decides who gets what.
- Your part is safe.
Example: David found out his ex was selling their shared firm. His lawyer quickly got a judge’s order. This order made sure all the money from the sale was put into a special account. It stayed there until the divorce was over. This helped David get his part. Learn more about keeping your things safe during divorce by visiting Michigan Property Division Attorneys.
Can I Talk About Selling the Business?
Talking About the Sale: If your ex wants to sell the business but you do not, you can talk about it. You can say yes to the sale, but only if some money is saved for you. This is a way to work together while keeping your part safe.
Getting Your Part: It is usually not about stopping the sale fully. It is about making sure you get your fair share of the money. You can say yes to the sale if half the money is saved for you. This means you get what you are owed.
How to talk it out:
- Talk about saving your share.
- Agree to the sale with rules.
- Make sure your money is safe.
What to aim for:
- Half of sale money saved.
- Clear rules for the sale.
- Agreement in writing.
Example: Maria did not want to sell the family restaurant. Her ex did. They talked. Maria said yes to the sale if half the money was put aside for her. This way, the business sold, and Maria got her part. You can also watch our video on “Am I Entitled to Half My Husband’s Business In A Divorce – ChooseGoldman.com” for more ideas.
What if I Don’t Want the Business Sold?
Why Not to Sell: Sometimes, one person truly does not want to sell the business. This might be because it is how they earn money. It could be their main job and what they do each day. Selling it would mean losing their job.
Keeping Your Job: If you do not want to sell because it is your job, that is a good reason. You want to keep doing your work and not lose your spot. This is a common reason people do not want a business sold in a divorce.
Good reasons to keep the business:
- It is your main job.
- You want to keep your work.
- You are not ready to stop working.
Things to talk about with your lawyer:
- How to count your job’s worth.
- Ways to keep the business.
- Other choices instead of selling.
Example: John worked at the family carpentry business for many years. When his wife wanted to sell it in their divorce, John did not want to. It was his whole life. His lawyer helped him find ways to keep the business and pay his wife for her part.
What are the Ways to Stop a Sale?
Legal Ways to Stop a Sale: There are clear ways to stop a business from being sold during a divorce. These ways are done through the court. Your lawyer helps you. It is about using the law to keep your things safe.
Judge’s Orders and Actions: From not signing papers to getting judge’s orders, these ways are here to help you. The most important thing is to tell your lawyer what is happening very fast. They can show you what to do.
Main ways:
- Do not sign any papers for sale.
- Get a judge’s order to stop the sale.
- Have money put into a special account.
What your lawyer will do:
- Ask for an order to keep things the same.
- Get an order to stop the sale.
- Make sure money from sales is held safe.
Example: A small business was owned by a husband and wife. When the husband tried to sell it fast, the wife got a judge’s order to stop him. This let them value the business correctly and divide it fairly in the divorce. For more info, check out our video on “How [To Handle Divorce For Business Owners & Professionals] – ChooseGoldman.com.”
How Can Our Law Firm Help You?
Skilled Family Law Help: At Goldman and Associates, we work on family law in Michigan. We know how hard divorce can be, especially when a business is part of it. Our team is ready to help you.
Your Case is Special: Every divorce case is different. What helps one person might not help another. We will look at your exact case. We will give you the best advice. We are here to help you through this time.
How we help:
- We work on family law.
- We know special cases.
- We help you keep your business safe.
What you get from us:
- Good legal advice.
- Help with judge’s orders.
- Support in talks.
Example: A woman was worried her husband would sell their shared rental business. She called Goldman and Associates. Our lawyers helped her get the right judge’s orders. This helped her keep her part of the business. You can learn more about our help at Michigan Divorce & Family Law Attorneys – ChooseGoldman.
Knowing Your Business’s Worth: It is good to know what your business is truly worth. This amount can change how things are split in a divorce. Our team can help you learn about this and make sure it is fair.
Working for a Fair End: Our goal is to make sure you get a fair result. This means keeping the business, selling it and getting your part, or another way. We will work for you. We want the best end for your future.
Extra Insights
Talk Openly with Your Lawyer: It is very important to tell your lawyer everything about your business. Do not keep any details back, even small ones. The more they know, the better they can help you.
Acting Quickly is Key: Time matters a lot in these cases. If you think your ex is trying to sell a business, tell your lawyer right away. Doing things fast can make a big difference in keeping your rights safe.
Get Help: Always get help from a law expert when a business is part of a divorce. They can guide you through the rules. They can help you make smart choices. Do not try to handle it all by yourself. Each case is different. Getting the right legal help can keep your future safe.
Frequently Asked Questions:
1. Can my ex sell a business without my okay if my name isn’t on it?
No, not if it’s considered ours. A judge can stop the sale even if only one name is on the papers.
2. What is a “business that is ours”?
It’s a business started during the marriage. Both people share it, even if only one name is on the papers.
3. How do I stop my ex from selling a business fast?
Tell your lawyer right away. They can ask the judge for an order to stop the sale.
4. What does “keep things the same” mean?
It’s a judge’s order. It means things have to stay as they are. This stops big things, like a business, from being sold.
5. What if the business is already sold?
Your lawyer can get an order to put the money into a safe account. This money is then kept safe until the judge decides who gets it.
6. Will I lose my job if the business is sold?
This is a worry for many. Your lawyer can help you talk about keeping your job or getting a fair part of the business.
7. Is it better to talk it out or go to court?
Both can work. Talking can save time and money. But judge’s orders are strong if you cannot agree.
8. What if my ex secretly sells the business?
If this happens, your lawyer can still work to get your part of the money. It’s harder, but it can be done.
9. Do I need a lawyer for this?
Yes, you need a lawyer. They know the laws and can keep your rights safe in court.
10. How long does it take to stop a sale?
It depends on the case. Your lawyer will act as fast as they can to get judge’s orders.
11. What if the business is losing money?
The judge will look at what the business is worth. Even if it’s losing money, it still has a value that needs to be shared.
12. Can I buy my ex’s part of the business?
Yes, this is a choice. You can talk to keep the business and pay your ex their part.
If you have questions about your case, call us today. We are ready to help you keep your future and your business safe.
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