Houston, TX, Business Owner in a Divorce
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 Houston, 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, PLLC are skilled Houston, 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.