San Antonio, TX, Business Owner in a Divorce
Our Experienced Family Law Attorneys Can Help
The duration of a divorce often increases with the involvement of more property. If a couple co-owns a business, the divorce process can become exceedingly complex. Prior to proceeding with a divorce, several key factors must be taken into account. Our proficient San Antonio, TX, family law attorneys can provide guidance to help you navigate through any complications you may face.
Call us today at (713) 322-8987 to get your case started.
Community Property versus Separate Property
As a community property state, Texas mandates that all community property must be divided fairly and equitably in the event of a divorce. Community property includes all assets and debts acquired by the couple during the marriage. If a business or professional practice was established during the marriage, it must be considered during the valuation and division of community property.
On the other hand, separate property refers to assets brought into the marriage by one spouse. A business created prior to the marriage or founded using separate property funds is considered a separate property business.
However, it may still have community property aspects that require valuation and consideration, such as:
- Jointly utilized funds for business expansion or investments
- Appreciation in value resulting from joint financial contributions
- Individual contributions of each spouse to the business
During a divorce involving the fair division of community property, a business must undergo valuation. This enables the business-owning spouse to continue operating the business post-divorce and ensures that the non-owner receives adequate financial resources for moving forward. Business valuation can be a time-consuming process, as the appraiser needs to assess the goodwill or the value associated with an established name or reputation of most businesses. Business owners typically engage professional business appraisers for this purpose.
Call the Firm to Help You Through This Process
Property division can significantly complicate the divorce proceedings. Allow us to assist you in navigating this challenging field with our extensive experience in family law. The attorneys at the Law Office of Bryan Fagan, PLLC are dedicated advocates for family law matters in San Antonio, TX. Rest assured, we will spare no effort in representing your interests.