If you and your spouse have devoted years of your lives to establishing and growing your business, your dedication may have resulted in a highly valued company. What happens to that business now that you have decided to go through a divorce?
Dividing the value of a business during a Frisco high-asset divorce requires a thorough knowledge of property division laws. An experienced high-asset divorce attorney could help you achieve a favorable resolution while protecting your best interests during divorce procedures.
Texas is a community property state, meaning all property acquired during a marriage is considered community property to be divided equally during a divorce. This could include any assets gained from a business during the marriage.
A business started by one of the spouses before marriage may be classified as separate property that belongs to that spouse and does not need to be divided evenly during a divorce.
Frisco high-asset divorces involving businesses are not always clear-cut. While the business itself may be separate property, certain business-related assets might be considered community property. Determining what is separate and what is community requires careful analysis of the situation.
Before a Frisco business can be divided during a high-asset divorce, it must be valued. Determining its value may involve careful examination of its assets and liabilities. If the business gains income consistently each year, the valuation could involve a determination of its future earnings. It could also include a comparison to the selling price of a similar business on the market.
To ensure fairness, it may be necessary to involve a third party, such as an experienced attorney, to determine the value of a business.
A divorce could potentially have a huge impact on the future of a business. Ownership may change, the business could be operated differently, and it may even need to change locations. The division of a business during a high-asset divorce could lead to disagreements that affect the Frisco company as a whole, making it vital to work with an attorney who handles high-asset divorces and business divisions.
Protecting the future of your business may require legal negotiations during the divorce process, such as buy-sell agreements or compensating one spouse in exchange for their portion of business assets.
Complex high-asset divorce cases involving the division of a business have the potential to be emotionally draining. At Towson Law Firm, we strive to handle cases in as sensitive a manner as possible to avoid unnecessary quarrels. At the same time, we understand that dividing the value of a business during a Frisco high-asset divorce is very important and must be done with skill and attention to detail. If you are ready to discuss your divorce issues, please contact us and schedule a free 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.
