Business Owner FAQs

Quickly find the answers you’re looking for as it pertains to Entrepreneurial Divorce in North Carolina.


Can my ex-spouse benefit if my business takes off after settling?

Can my ex-spouse benefit if my business takes off after settling?

It often takes a long time for a startup, retail space, or other business venture to become successful. You may have been struggling to get by during the marriage, but a few years after your separation you start noticing significant profits. Is there any way that your ex can receive a benefit from the fact that your business is now thriving? First, with regard to...

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NC business distribution during divorce

Does my spouse have rights to a business created before our marriage?

For many, the entrepreneurial process is a long one. The idea may have come to you years back, long before you ever even met your spouse. You may have put the idea on the backburner until you had enough money saved to quit your regular job to pursue your dream. If you are lucky, this great idea you had long ago will pay out in...

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Can child support be modified if the business isn’t doing well?

Can child support be modified if the business isn’t doing well?

Yes, child support is modifiable. If child support is included in a court order, you will need to show a substantial change in circumstances since the previous order. So, if for whatever reason the business experiences a downturn, you can file a motion to modify your child support obligation based on a substantial change in circumstances. If child support was agreed to in a separation...

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Can alimony payments be reduced if business is slow?

Can alimony payments be reduced if business is slow?

If the right circumstances exist, an alimony obligation can be modified. If something happens and your tech startup is slowly hemorrhaging money, or the bakery you opened is no longer profitable, there is a chance that your alimony obligation could be lowered. In order to have the option to modify alimony, some requirements must be met. First, alimony must be set forth in a court order...

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What if I can’t manage a traditional custody schedule?

What if I can’t manage a traditional custody schedule?

Examples of traditional custody schedules are the week-on/week-off model, or a schedule that allows one parent to have visitation every other weekend. Traditional schedules will alternate holiday visitation and may have provisions allowing for the mother to have visitation on mothers day and the father on fathers day. These custody schedules may work great for parents who work regular hours, but entrepreneurs typically do not...

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Is it worth it to hide income?

Is it worth it to hide income?

Hiding income to shirk child support or alimony obligations, or to receive a better property distribution settlement is not advisable. While your business offers a great vehicle to conceal income or assets, the consequences usually outweigh any benefit. First, it is easy to get caught. Throughout the course of your divorce proceedings you will likely have attorneys and experts who are trained in finding hidden assets...

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What if my ex and I can’t agree on my income?

What if my ex and I can’t agree on my income?

Calculating income for an entrepreneur can be difficult. Unlike traditional employees with consistent paychecks that indicate a clear salary, an entrepreneur’s income is very hard to calculate. The non-entrepreneur spouse will always argue that the entrepreneur spouse’s income is higher, so that support payments may be higher. The entrepreneur will obviously argue that his income is lower, so that the support obligation will be lower....

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Will my business travel affect my custody case?

Will my business travel affect my custody case?

For some entrepreneurs, travel is a must. A business owner may travel to buy or sell inventory, to meet with investors or potential investors, to raise capital, or simply because the nature of the business venture requires it. If you have children, these travel requirements can complicate custody issues. The simple answer to the question posed above, is that yes, your business travel can affect...

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