my ex and i are contractors for a moving business, now that we are getting divorced he wants to continue running the truck. does he have to split the profits with me or just buy me out? and am i entitled back profits from when he left in feb of '08
Your question is a bit confusing. You state that you are contractors for a moving business. Contractors have different rights than shareholders or partners. If you incorporated a business together, the shareholder's agreement should control who gets what. If you have a partnership, then the partnership or operating agreement controls.
I suspect you do not have any written agreements. Thus, the Illinois Statutes' default rules govern your interest in the partnership. The Uniform Partnership Act has provisions for calculating a disassociated partner's interest in the partnership and the managerial authority of each partner.
Since you are getting a divorce, it is important to retain an attorney to correctly value the business so that you receive a fair shake and to ensure that the marital agreement reflects the business valuation.
