Spring, TX, Business Owner Divorce Lawyer
Our Experienced Family Law Attorneys Can Help
The more property is involved in a
divorce, the longer it usually takes. Owning a business can make the divorce process
incredibly complicated, particularly if the couple owned the business
together. There are a few important considerations to make before getting
a divorce. Our skilled Spring, TX, family law attorneys can help you through
the complications you might encounter.
Call us today at (281) 810-9760 to get your case started.
Community vs. Separate Property
Texas is a community property state, meaning that if a couple divorces, all
community property must be divided in a manner that is “just and right,” or equitable.
Community property includes all property, and debts, that the couple acquired
during the marriage. A business or professional practice has to be considered
in the valuation and division of community property
if the business or practice was developed during the marriage.
Separate property, on the other hand, is property that a spouse brought into the marriage.
A company formed before the marriage or founded with separate property
funds is a separate property business. However, it will have community
property components that will need to be valued and accounted for, such
as the following:
- Joint funds used to expand or invest in the business
- Any appreciation in value attributed to joint financial contributions
- Each spouse’s contribution to the business
A business must be valuated during a divorce involving the equitable division
of community property. Valuation makes it easier for the business owner
spouse to keep the business running after the divorce and gives the non-owner
adequate financial resources as he or she moves forward. This can be time-consuming,
as the appraiser must determine
goodwill, or the value that most businesses have based on their established name
or reputation. Business owners will usually hire professional business
appraisers to accomplish this.
Call the Firm to Help You Through This Process
Property division can complicate the divorce process. Let us help you navigate
this challenging field with our years of family law experience. The attorneys
here at the Law Office of Bryan Fagan are skilled
Spring, TX, family law advocates. We will stop at nothing to advocate on your behalf and help you accomplish
your goals. Our lawyers deliver the highest standard of legal service
to our clients, and we can assist you in mediation or in litigation. Let
us see what we can do for you.
Call us at (281) 810-9760 or fill out our online form
to schedule a free case consultation today.