I am not looking for legal advice just an opinion. I asked WS to leave the house and business, we work together which I can't do anymore as long as she is seeing OM. She owes about 100K of debt on the business and I am thinking of proposing that she give me all the equity in the home $150K in exchange for release from business debt. Now it does'nt sound very equal but she's been a lying cheat for 7 months and want to stand up for myself and come out on both feet. Am I being unreasonable?
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Me BS 51
WS 47
married 24 years
D-Day #1 1980
D-Day #2 1981
D-Day #3 1987
D-Day #4 April 2003
Informal separation 6/1/03
Asked WS to move out

<small>[ June 03, 2003, 05:26 AM: Message edited by: Joquin1 ]</small>

Hello Joquin,

To be honest I could not make a comment unless I know what type of business you have such as how is it incorporated? This will give you a better understanding about the debt. Can this debt be traced to the business or to your wife? In your position I would contact a divorce lawyer who also has contact to a lawyer who specializes in business issues. Plus contact your accountant and talk to him about the comany finances. It might come down to you having to take on half the debt of the business and buy your STBXW out.

Really before you make a decision discuss everything with Lawyers, accountants and the like. Than make an informed decision.

Yes this is good advice, I do have an appointment with an attorney set up. The business is an S-Corp. The debt is in her name not mine. Very convoluted stuff, I'm sure an attorney will earn their fee. How sad.

JO - I am 52 and my stxh and I owned a business. We were not incorporated, just self-employed and sole proprietor. My husband is the one that decided to have a cheating woman on the side too. He took money, that customers gave us. He would have customers write checks in his name, and he would cash them to send his lovely <img border="0" title="" alt="[Mad]" src="images/icons/mad.gif" /> bimbo money. I did the books, and was finding that he was not being honest. He would say my figures were wrong, and finally, I did find some evidence in his wallet. I looked in his wallet at night, and found quite a bit of evidence, as well as in his truck.

You need to contact a lawyer. I am screwed the rest of my life. Cause my x-husband didn't give me a paycheck. Nothing, I worked for free. But the other woman didn't do a darn thing in the business, and she got paid for I guess, talk and sex.

There are ramifications with this. Also, social security, and also, the title of the business. I did not want the business, cause it is going down hill. And I can't run the business. I only know the bookwork part, nothing else.

Do be careful, with her name being on the business, you could get into some problems. So the attorney is the one that could help you out.

If I had known a few things more, than I did back then. I would of done things differently. But live and learn. When you have been lied to for years, and still lied to, there is so much to heal from the one that you gave your life to. I am still being lied to, and my x-husband is showing that he is out there for himself. The wayward spouse continued on the path of selfishness. But in the end they will get their deserved consequences.

The other thing that I would suggest is prayer. I have been praying for my x-husband to come back. But so far we all have seen that he is out there for himself and himself only. Hard to see, but I have come to give it to the Lord.

Hi Joquin,

I am sorry but I cannot remember any of the particulars of S-Corp. I have none of my business law books here with me in England and would be pointless for me to do research here since you would need info for the USA. The best you can do is talk to your lawyer. Map out what you want and what you are willing to live with. Do not quote me but if the debt is in her name than she would be responsable unless she tries to pass it off as a marrital debt. Never make a move without discussing it with your lawyer and be pro-active.

Dear J:

You need to give a lot more information to get effective answers and it should be with your own consultants.

However, in general an S corp is a tax election for a small business. It is still a corporation so the ownership of the stock is the issue.

Remember forgivness of corporate debt gives rise to taxable income to the forgivee and has tax ramifications for the corp.

You must really review these proposals with both your tax consultants as well as your attorneys. It is much too big an issue for the forums.

Sorry you have to go through this.

All my best

Jack

<small>[ June 03, 2003, 09:48 AM: Message edited by: willmakeitwork ]</small>

Thank you all so much for your input. I have an appointment with an attorney on Monday. I really can't believe I'm going forward with this. In the back of my mind I always kind of felt she would come to her senses and leave him. But that's not reality. Now all she wants to do is stay on working so she has income and so the business doesn't fail. We'd be toast if it fails. But I've decided to make a go of it without her for the most part. At least now I won't have to live or work with her while her affair is going on. Seems like this is getting beyond a Plan B. But her lying about everything is scaring me silly. Next I expect to find she does something wildly crazy. The only good thing is she can't run the business at all without me. It is my business and is only in her name because I had to file for bankruptcy 6 years ago. What an unbelievable mess this is. Hope an attorney can help me come out of this still breathing.

Update - WW is so furious I wont let her work in the business that she demanded I switch the ownership of the corporation from her to me. This is a huge bargaining chip. When ownership changes to me I will be responsible for all the current debt except for what she has signed for personally. I can then agree to exchange her personal guarantees for business debt for the equity in the house. I feel like a sceeming scum.