Divorce is a complex issue that only becomes more complicated when the two parties involved are business owners. The unique challenges of balancing business interests with personal matters during a divorce can be intense, making it essential to work with a skilled divorce attorney who could help protect both your personal future and the future of your business. A divorce lawyer for business owners in The Colony could provide guidance and leadership, allowing you to take confident steps forward.
Business assets can be considered marital property in Texas, particularly if the business was opened during the marriage. While separate property is typically not considered as part of divorce proceedings, marital property may be divided equitably between former spouses.
When determining how to divide a business as marital property, your lawyer must first determine its value. This may involve a valuation, including appraisals and expert input, and considering the income and cash flow of the business and how it may influence spousal support and property division. Your attorney in The Colony will also consider potential disruptions to the business’s operation if both spouses are involved.
One of the top priorities for any business owner going through a divorce is to protect their business. An attorney could gather financial records, tax returns, contracts, ownership agreements, and other documentation to determine your next steps. In addition, your lawyer will consider the business’s structure, whether it is an LLC, corporation, or partnership, when determining asset division.
If the business is co-owned by both you and your former spouse in The Colony, your lawyer will consider the pros and cons of buying out their share compared to each of you maintaining joint ownership. Key legal issues lawyers consider as part of protecting a business include spousal maintenance, child support, debt allocation, and other types of property division.
No two cases are exactly alike. A divorce lawyer from Towson Law Firm, PLLC could use a variety of strategies to help business owners in The Colony protect their assets. Early financial assessment and working with experts regarding business valuation, forensic accounting, and tax concerns could be beneficial. An attorney could also minimize courtroom disputes by negotiating settlements whenever possible to protect each party’s business interests.
Your attorney could also come up with creative solutions, such as a structured buyout or an asset swap. In some cases, one party may be able to make deferred payments. No matter how complicated, our lawyers are determined to find solutions that work best for you.
Working with a divorce lawyer for business owners in The Colony could allow you to benefit from local legal knowledge. Our attorneys at Towson Law Firm, PLLC understand the Denton County courts and local judges and could provide tailored advice to help you preserve the reputation of your local business.
Divorce for business owners requires a lawyer who understands family law and business matters. Seek legal advice tailored to your situation by contacting us today to schedule a 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.
