What is the effect of a husband's interest in his wife's business after he has retired from his own corporation?

British Columbia, Canada


The following excerpt is from Kim v. Hong, 2013 BCSC 587 (CanLII):

The facts of this case are somewhat analogous to the facts in Starko v. Starko, [1986] B.C.J. No. 2341 (S.C.) [Starko]. In Starko, the husband owned a dry cleaning business, and after retirement, continued to own shares in the two inter-related controlling corporations. The business was operated by his children from a former marriage. He married the wife who was a party to the matrimonial litigation after he retired from that business. The court noted that he paid “scant if little attention to the business” of the two companies. The companies essentially funded whatever was needed by the husband and his new wife to live on, whether in the way of capital assets or expenses. The husband was then allocated a salary or dividends at each year end, or redeemed preferred shares, to cover his personal account with the companies.

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