Posted on | January 30, 2012 | No Comments
If you happen to own a business and are going through a divorce in Texas the process of property division can become very complicated. If the business falls under the category of community property under Texas family law, the business must be valued to determine its worth to the marital estate. In which case you need an experienced Texas divorce attorney who can refer you to a professional business valuator to establish the value of your company. A businessâ€™s worth is determined using many factors including:
â€¢ The debts and assets of the business
â€¢ Any properties owned by the business
â€¢ Customer lists
â€¢ The revenue generated by the business
If your business was started during the marriage using joint funds, Texas considers it community property and its assets are divided between spouses in a divorce action. Even if you started the business prior to the marriage if your company was expanded using joint funds or increased in value because of your spouseâ€™s participation, the assets of the business may still be subject to community property rules.
An experienced Texas property division attorney can advise you of the options available in your circumstances including:
â€¢ Selling the business and dividing the profits
â€¢ Offsetting your spouseâ€™s portion with other marital assets
â€¢ Keeping the business and buying out your spouseâ€™s interest
â€¢ Maintaining the business and working together
Contact a McKinney property division attorney today
There are many ways to protect your business during a divorce and naturally retaining an experienced attorney should be at the top of your list. Issues of property division can be complex and require professional assistance to work out a fair distribution of assets and debts while still ensuring your rights are protected. Contact us today online or call (972) 562-0266 to discuss solutions to your marital property division matter.