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Trying to maintain a small business is a significant challenge. However, maintaining a small business is not good enough. Rather, for your business to thrive and succeed it needs to be growing. This means taking on new clients, promoting yourself in the community, and improving the product or service you provide. All of this can be overwhelming even in the best of times. However, going into a divorce Wallace small business owner is even more challenging. In today’s blog post from the Law Office of Bryan Fagan, we are going to share our experiences with maintaining the stability of your business.
A special word needs to be paid if your spouse will be working in the business after your divorce. In that situation, you need to pay special attention to how your data and information are stored on work property. The last thing you want is for your spouse to be able to gain access to your private information. As a result, you should work with your family law attorney to help you protect this information during the case. The Law Office of Bryan Fagan can help you protect yourself and your clients in a circumstance like this.
Risks associated with your business in a Texas divorce
Consider all the time, money, and effort that you put into building your small business. Whether you offer a good or a service to the public all that effort now is susceptible to division. Does your spouse work within your small business? It is no sure thing that he or she will treat the businesses well as you have. Unless he or she started the business with you it is unlikely that your spouse will be as involved. Protecting your assets makes a tremendous difference for your family. Protecting the business is of the utmost importance when planning ahead for your family.
Consider your relationship with your spouse. Is this a person that you have a good relationship with? Not only that but is this a person with whom you think you can manage a small business? These are the crucial questions to ask yourself. Spouses in your position can make bad decisions if for no other reason than you are under a great deal of stress. Because of that, you must be able to rely upon the advice and perspective of people whom you trust.
Having a plan is an important part of divorce
Having a plan is a crucial part of your divorce. In Texas, your small business is susceptible to being divided according to the laws of Community property. A family court would attempt to divide your property in any manner that is just and right. This considers when the business was started and the degree to which Community property was used to do so. As a result, understanding the laws associated with Community property division is critical to your success. By being able to make decisions based upon the likely outcome in the courtroom you may be able to settle your case equitably before a trial.
How does a Texas family court view business assets in a divorce?
Determining the value of your business is the key part of a divorce case. It’s still helpful to understand the value of your business. This is because the division of your other community property assets will depend on the value of your community property. All assets of the business, tangible and intangible, plus your liabilities like debts will be assessed when dividing community property.
To gain an overall appreciation for the value of your business a business appraiser may need to be hired. One benefit of working with the Law Office of Bryan Fagan is that we can help you meet multiple appraisers. They can potentially help determine the value of your small business. The last thing you want to do is not value the business correctly. A business appraiser can be a tremendous asset to your case.
Business appraisers can utilize a technique that compares your small business to others in your area. This is like how a property appraiser would determine the value of your home by comparing it to other houses in your area that are similar. However, one of the drawbacks of this approach is that if your business is unique there will not be many comparable businesses in your area to compare it to. Therefore, the appraisement of your business could suffer as a result.
Making sure make your spouse is fully honest with you about the business
One of the critical parts are they divorce is being able to make sure that your spouse is being honest with you as far as the division of assets. Part of this scenario involves your spouse sharing information with you. In some divorces, your spouse will be fully willing to work with you when it comes to sharing information. The question that we need to ask ourselves is what you can do in a circumstance where your spouse is not willing to share this information with you. What steps can be taken to protect yourself and your family in a situation like this?
One of the tools that you have at your disposal is to send discovery requests. A discovery request is a formal request for information from your spouse. You are giving your spouse a certain period to respond to your request for information. Your spouse will be able to respond to various questions, object to various questions, and then submit those responses back to you. From there, you will have a better idea about the sort of case your spouse has and what information you need to prepare for your divorce.
Working with a family law attorney as a small business owner
If you are a spouse who is in search of information about the small business, then you need to work with an experienced family law attorney. Spouses in a divorce are notorious for withholding information from the other person. This does not mean that your spouse is going to be dishonest with you. However, what it does mean is that you need to be prepared for the possibility that your spouse may choose to act in this way with you. An attorney is prepared to help you hold your spouse accountable for their actions. By teaming up with an experienced family law attorney you can protect yourself and your assets effectively.
How can a marital property agreement help in a situation involving a small business?
Depending upon the circumstances of your marriage, a marital property agreement may be something to consider. A marital property agreement helps you to plan of time for the division of assets in a divorce. Rather than having to come up with a plan for the division of the assets and debt during the divorce, you and your spouse would attend to those matters before a divorce was even contemplated. Thus, the two of you would be able to negotiate over these matters while you were on good terms with one another.
Here is how negotiation on a marital property agreement can work out. You and your spouse can both hire experienced family law attorneys to help guide you during negotiation. From there, you would be able to work with one another to determine the best way possible to divide assets and debt in the event of a divorce. You all can consider your circumstances and come up with a plan to handle these subjects sooner rather than later. Thus, you and your spouse give each other more autonomy over a situation and reduce the likelihood that a judge may have to divide property for the two of you. After all, nobody prefers a judge to make important financial decisions for them.
Prenuptial agreements
Marital property agreements can be attended to before your marriage, as well. These are known as premarital property agreements. More commonly, they are referred to as prenuptial agreements. Prenuptial agreements have a bit of a bad reputation in our culture. They are thought of as something only rich or greedy people do. However, now it’s simply not true. People from all walks of life and backgrounds can benefit from a premarital or marital property agreement. Contacting an experienced attorney can serve you well to avoid many of the unpleasant outcomes in a divorce.
Digital surveillance and divorce in Texas
If you suspect that your spouse is trying to spy on you via your small business then you may be correct. In Texas, only one party to the conversation needs to give consent for the conversation to be recorded or otherwise intercepted. For example, if you and your spouse are exchanging emails about any aspect of your business only one of you needs to consent to the conversation being utilized for other purposes. When it comes to your small business, conversations over e-mail or text messages can be utilized as evidence in the divorce if your spouse consents to it. An exception to this rule would be if either you or your spouse have a reasonable expectation of privacy involved in the conversation. Even then, it is certainly circumstantial as to whether this expectation of privacy is legitimate or not.
If you or your spouse violate the law regarding the interception of private communications, then there may be potential consequences in your divorce. For example, if the intercepted conversation is particularly egregious a judge may utilize it as a reason why your community estate needs to be divided disproportionately. This could result in the community property assets in your case being divided in a way that favors your spouse. This is certainly something you want to avoid. Consider that you and your spouse need to be honest and open with one another about your conversations and whether they are being recorded.
Impact on child custody proceedings
Being charged with a crime involving improper use of wiretapping or electronic surveillance software can impact how child custody is determined in your case. A crime on your resume can impact how a court sees you as a potential caretaker of your child. When a court cannot trust you with the well-being of your child then you run into potential problems associated with conservatorship rights and duties. The advice and perspective of an experienced family law attorney are essential when navigating complicated water like this.
How to proceed when searching for evidence in a divorce case
Without a doubt, one of the most important parts have a divorce is being able to access information and use it as evidence in your case. While it is unfortunate in a certain sense, this evidence is important when it comes to being able to present a case that is favorable to yourself and your positions. Nobody wants to think about a marriage coming down to a divorce. However, that is the position that you and your spouse are in at this moment. As a result, you need to think critically about the case and be prepared to assist your attorney in collecting evidence.
A legitimate question arises when you have evidence that you believe exists, but you are in sure of how to access it. Specifically, many people have legitimate questions about utilizing evidence that they find online or on their home computer. This could be situations involving social media in places like this where we frequent online. The rescue run in accessing information inappropriately is for a judge to not allow you to use it in your case. There may be other consequences and penalties for improperly accessing digital information.
Working with an experienced family law attorney at the Law Office of Bryan Fagan it’s a great resource for you to have. Our attorneys can help you gain a better understanding of the potential evidence and how it may be used in your divorce case. Additionally, we can help you avoid situations where you are accessing inappropriate information and potentially harming yourself in the divorce.
Do’s and don’ts of digital evidence
Social media is a tremendously important source of potential information for your case. Just about every adult who is in a divorce case has some sort of social media presence. As a result, you should expect that your spouse has posted information on social media. Or, at least, that another person has posted information that may be of relevance to your divorce. Therefore, you would be doing yourself a disservice by not trying to learn about this information firsthand. Any information that is publicly visible online through social media can be utilized in a divorce.
Additionally, if you have been sent information or messages by your spouse via social media that is also usable in a divorce. Think about private messages on social media. Also, some spouses have e-mail accounts that both utilize for various reasons. In those situations, we must be aware that this information is usable as evidence. Be careful about storing in organizing information like this. You never know what will be useful or important to a divorce. If you believe that a divorce is upcoming then you should keep careful track of the information sent to you by your spouse via social media.
Next, home surveillance cameras are becoming much more popular. Any videos you have of your spouse from your home through alarm systems can also be used as evidence. In truth, these are sources of potential evidence that do not take much planning or thought to use. Rather, they are readily available and are well known to your spouse. These are the sources of information that you should think too first when it comes to finding evidence for your divorce.
Final thoughts on cybersecurity and data privacy laws within your divorce
Thank you for choosing to spend time here on the blog for the Law Office of Bryan Fagan. Our experienced family law attorneys offer free-of-charge consultations six days a week in person, over the phone, and via video. If you have questions about the material, you have read today please do not hesitate to reach out to one of our attorneys. Many of our current clients have come to us after reading a blog post on our website.
Going through a divorce does not have to be an impossible situation. Rather, by working with an attorney and having a plan you can accomplish great results even in difficult circumstances.
Questions about the material contained in today’s blog post? Contact the Law Office of Bryan Fagan
The attorneys with the Law Office of Bryan Fagan offer free of charge consultations six days a week in person, over the phone, and via video. These consultations are a great way for you to learn more about the world of Texas family law. Before signing a document or negotiating on a subject you do not know well, contact our office. We look forward to the opportunity of serving you during an important part of your life. The Law Office of Bryan Fagan is on your side.
