My husband and I started a restaurant last Aug. the property in in my husband's parent's trust. The bank loan on the other hand is in my name, my husband's and my father in law. Also the name of the restuarant, doing business as is in my name as a sole propertier. We have had a slow summer season and my father in law has announced to us that he is putting our restaurant up for sale this week. My question is if I file divorce papers will that help to delay the sale of the restaurant until the busy season begins again in April 2013
1 Answer from Attorneys
The answer to this question is "Yes" and "No."
Yes, if a buyout and bank release is stipulated in the divorce degree and prior to finalizing the divorce order/petition.
No, if you file a divorce under the current operating agreement. However the divorce may also be delayed or posponed during the operation of law, or your divorce can be delayed by the court or it can be delayed by the moving parties seeking the divorce (you or your husband).
Either way, it would be in your best interest to demand a buy-out and bank release. This way you will not be held liable for any debts or losses associated with the operation or sale of the business; with or without, the divorce. This recommendaton will apply particularly if the business is held in a trust by your husband and his parents. Unless you, your husband and his father have a signed operating agreement that stipulates otherwise, you are the one at risk.
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