My husband and I own 2 companies 50/50 that are doing very well. He has been straggling with alcoholism and drug addiction for the last 15 years. This past summer his problems worsen and began to Withdrawal Company funds to support his habits. The withdrawals were of thousands of dollars. Once I found out I had no other option than to take him off the accounts to protect the companies. Currently, both bank account are on my name only. He claims that what I did was illegal and that I couldn’t do that; is he right?

Currently I am filing for a divorce. I would like to buy him out. The companies generate over $1,000,000.00 in sales but they also have $300,000.00 in debt, how can I calculate a fair buy out sale price. On the other hand, is there any way to protect the companies from a partner that acts irresponsibly? If we were to keep the companies as they are, how can I take legal control of both of them to ensure that they continue to grow if he doesn’t want to sell out? He has not been to work for the last 3 week but still gets paid. Please help!

wildcatgirl

Rose,
First of all, I would try to get legal rights to his portion of the company by filing an action against him for legal incompetency. Depending on how bad his addictions are, they may grant you power of attorney over his portion of the company until he is straightened up and has the competency to be aware of his actions. This may also buy you enough time to find a good attorney who can value your companies and draw up papers for your buy out.