The recent announcement of Walmart heiress Paige Laurie Dubbert’s pending divorce from husband Patrick Bode Dubbert illustrates the trouble jointly run business ventures can present during a divorce. In addition to filing for divorce after nearly six years of marriage, Paige has filed a civil suit alleging that Patrick funneled huge sums out of a business they operated together. The business, a retail center in Malibu, was financed by Paige’s inheritance.
The suit alleges that Patrick hired a friend to co-manage the project, then named them both general contractors despite the fact they both were unqualified for the positions. The promotions bumped their monthly pay from $15,000 to $75,000, on top of the $250,000 per year Patrick was already being paid to monitor the project.
The civil suit will be followed closely by Pasadena divorce lawyers, since Paige and Patrick had a prenup that requires Paige to pay spousal support in the event of a divorce. Paige is the daughter of Nancy Laurie. Nancy is the youngest daughter of Bud Walton, the brother and business partner of Walmart founder Sam Walton. The Walton family populates the top end of the Forbes 400 Richest People in America, with Nancy's cousin Christy Walton named as the world's wealthiest woman and family members Jim, Alice, and S. Robson Walton following close behind.
If you are filing for divorce and operate a business with your spouse, hiring a qualified Pasadena divorce attorney is a necessity. Businesses are the hardest assets to divide. You must first obtain an accurate estimate of the value of the business, then determine if the business is separate property or marital property. A business can be considered separate property if it was started with separate property funds that were kept apart from general household funds. Businesses may also be considered part separate property and part community property if they were started before the marriage.
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Please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com if you are in need of divorce help in Pasadena. Our family law firm can help ensure that your assets are protected.