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LawTalk
LawTalk, Attorney and Counselor at Law
Category: Family Law
Satisfied Customers: 35309
Experience:  30 years legal experience. I remain current in Family Law through regular continuing education.
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I sold my business last year 5/2015 I paid off all our debt

Customer Question

I sold my business last year 5/2015 I paid off all our debt with the money I made on the sell of the business. I am now going through a divorce this year. We are debt free because of my business sell can I consider that money in my favor when dividing assets vs liabilities?
Submitted: 7 months ago.
Category: Family Law
Expert:  LawTalk replied 7 months ago.
Good afternoon Liliana,I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. Unfortunately, when you sell property that may be your personal property and use the proceeds to pay marital debts while you are married, you are not able to get that money back in the event of a divorce. The paid debt is deemed to have been a gift from you to the community if in fact the business was your personal property. It would only be 100% your personal property if you owned it before your marriage and the business did not increase in value during the time of your marriage. I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction.Would you please take a moment to positively rate my service to you based on the understanding of the law I provided by clicking on the rating stars---three stars or more. It is that easy. That is the way I am compensated for having helped you.Thank you in advance. I wish you the best in your future,Doug
Expert:  LawTalk replied 7 months ago.
Good afternoon,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug