Divorce is often uncomfortable for all parties involved. However, divorces involving business owners typically result in complex asset division and extensive legal questions. If you need help, contact a seasoned divorce lawyer for business owners in Frisco. The competent, detail-oriented divorce attorneys at Towson Law Firm, PLLC could help you understand how to protect your business assets and navigate the divorce process with confidence.
Texas is a community property state, meaning nearly all assets acquired by a couple should be split in a way that is “just and right” at the time of divorce. This is also true of debts, which must be divided fairly.
A business may constitute separate property if one party owned it before marriage. Despite this, the regular income generated by the business could be considered by the court when calculating child support or spousal support payments.
In addition, a business launched entirely through one party’s inheritance would also be considered separate property, unless it is run by both spouses or with input, cash, labor, or “sweat equity” from both spouses. Partnerships, LLCs, and other small businesses run by a former couple will likely need to be divided during divorce.
During an initial consultation, a Frisco attorney could help you determine whether your business will be considered joint or separate property during divorce.
An attentive Frisco divorce lawyer could help business owners calculate the value of their company. To do so, the business’s total assets must be counted and valued, with the total debts subtracted from that sum. Some common business assets include:
Business liabilities (debts) may include:
Once a business is valued, an attorney will help decide how to split the assets and liabilities fairly between both spouses.
Some couples choose to sell a business entirely and split the proceeds. In some amicable divorces, parties may decide to continue running the business together, though this is often challenging. Often, one party will “buy out” the other party’s interest for a fair sum, or trade their share for another marital asset, such as a home or rental property.
If you or your former spouse owns a business, you need the help of a divorce lawyer for business owners in Frisco. Contact the experienced attorneys at Towson Law Firm, PLLC, today. We know divorce is a turbulent time, and we treat every client with care and respect. Contact us today to schedule your consultation.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
