Division of assets?

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Division of assets?

Postby rob_the_canuck » 06 Feb 2009, 07:34

Hi all,

I'm sure this has been asked numerous times before, and I apologize for repeating a topic which has most likely been done to death, but I suck at finding anything with the Search function.

It would appear my marriage (to a local) is making a nosedive into the ground at Mach 3 and I'm wondering, how are assets divided here in the event of a divorce? We each have a separate bank account in our own names, will those be split up between us? My main concern though, is our business. We opened an English language school together, but aside from my name being the school's name, everything is in either her name or her dad's name. Will I lose all the work I've put into the school over the last two years? Or will I be entitled to any form of compensation?

We don't have any kids, thank God as I've been through a divorce as a child and would never want to put a child of my own through that, and, and here's what's got me worried the most, I don't believe she's been reporting my working at the school as a teacher on the taxes. I've been paying taxes, but only a paltry amount compared to what I should be paying and only just found out about this.

So please, if anyone can offer any advice or tales of similiar woe it would be appreciated.

EDIT - Snarky comment removed.
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Re: Division of assets?

Postby Mr He » 25 Feb 2009, 22:02

Formally, you are supposed to split assets and liabilities equally, I think. At least that's what my wife claims. That said, I do not think that it is the norm.
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