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Re AZ community property law. I separated from my wife 2…

Re AZ community property...

Re AZ community property law. I separated from my wife 2 years ago. We live separately, have not filed for divorce, but I am ready to do so. In December 2017 I began a towing business, took out a business loan for $39,000, and used that to buy a tow truck. Is my soon-to-be-ex-wife entitled to any of the income from my new business, which she knows almost nothing about? Is she liable for the debts of the business, since we are still married?

Lawyer's Assistant: What steps have you taken? Have you filed any papers in AZ family court?

No papers have been filed. We have two young children. She permits very little access, every other weekend and one week night for dinner, and she cancels those dates often.

Lawyer's Assistant: Have you talked to a lawyer about this yet?

No, was about to.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Mostly concerned now about whether she can incur on my new business due to community property rules.

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Answered in 23 minutes by:
3/27/2018
Thelawman2
Thelawman2, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,230
Experience: Attorney-at-Law
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Hello, my name is ***** ***** I will be helping you today.

Unfortunately, during your divorce, it is going to be likely that you will either have to allow your wife to remain a 50% owner of the business, or you will be required to pay half the value of the business to her as part of the divorce (so the business is able to run smoothly still).

Thelawman2
Thelawman2, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,230
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Customer reply replied 3 months ago
I own 65% of the business, and my mom, my partner in the LLC, owns 35%. So my ex-wife has access to 1/2 of 65%?
How do we calculate "value of the business" when we have just begun, on the road only a month, and owe $40,000 for the new truck with which we set up the business? The 'net value' of my 65% has to deduct 65% of the value of the loan, No?

What will happen during your divorce is that there will be a business evaluation and appraisal to assign a value to the business. You are correct that you wife would only be entitled to half of the 65% and because there are other owners, the judge would most likely require you to pay her the fair market value of her part of the business (basically a buy-out).

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Your divorce attorney will hire an expert to do this valuation. It is based on the expected future earnings of the business; however, if the business is very new, there might not be much of a valuation on the business.

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Customer reply replied 3 months ago
How can I buy her out if I have no cash or credit set up yet? (Literally, having just begun) Can there be a structured process where I pay her in stallments?
Customer reply replied 3 months ago
In installments

Yes, it would be in installments

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Customer reply replied 3 months ago
Thank you, ***** *****!

You are welcome!

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