Moving Forward After an Unsuccessful Business Venture Tanks Your Marriage and Your Finances

A few weeks ago, someone who had made an unsuccessful bid for social media stardom wrote to Money Made about how to move on from this mistake. The letter writer had a cute dog who didn’t mind being dressed in costumes and photographed, so she decided to try to monetize her social media accounts and make her dog Internet famous. She bought lots of clothes for the dog, plus camera equipment that would do justice to the dog’s adorable facial expressions and the luster of its fur. Unsurprisingly, she ended up with no followers outside her immediate social circle and mountains of debt. Most people read the letter with a sense of Schadenfreude, but you can relate. You recently sank all your money into a business venture that went nowhere, even though you thought it was a brilliant idea. If anything, you think that the letter writer is in an enviable position, because she still has the unconditional love of the furry friend with whom she made an unsuccessful bid for stardom, whereas you are in the doghouse. Your unsuccessful business project cost you not only your life’s savings, but also your marriage. If closing a business with losses was the final straw in your marriage, contact a Mississauga family lawyer.

When Do Risky Business Decisions Amount to Torts Within Your Marriage?

All residents of Ontario who wish to dissolve their marriages may do so; you do not have to prove that your spouse is at fault for the breakdown of the marriage. The family court will oversee the process of dividing the marital property and debts. If the court awards alimony, it is because the paying spouse can afford to pay it, and because the recipient spouse would be much worse off than the paying spouse without it.

One spouse can file a tort claim against the other if the other spouse intentionally caused financial harm to the first spouse. This usually happens when one spouse hides assets or transfers marital property to third parties. Your spouse might accuse you of intentionally inflicting financial harm because of your unsuccessful business venture, but your spouse’s claims to the effect are probably without merit.

A Marital Settlement Agreement That Reflects the New Normal

The debts from the unsuccessful business venture will probably follow you after the marriage. If your spouse was not involved in the business venture and kept his or her own job, then it makes sense for you to assume responsibility for the business debts. You can work on consolidating them or settling them after the divorce is final. If you and your ex-spouse have children together, your ex cannot persuade the court to order you to pay more child support than you can afford. Child support obligations are based on your financial situation at the time of the divorce, not on what your ex wishes your financial situation was.

Contact Zagazeta Garcia LLP About Divorce After Incurring Business Debts

A family lawyer can help you get a fair outcome in your divorce case if you and your spouse separated in the wake of an unsuccessful business project.  Contact Zagazeta Garcia LLP in Mississauga, Ontario to discuss your case.

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