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Blog 2021 January What Will Happen to My Business During a Divorce?
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What Will Happen to My Business During a Divorce?

Posted By Law Office of Kathryn Marteeny || 31-Jan-2021

If you have a business, it will likely have to be divided during the divorce process, much like any other marital asset in a divorce. Texas is a community property state, which means that assets are divided as equally as possible. Considering how important your business is to you, you likely have some concerns about what to expect and how you might be able to protect it.

Dividing a Business During a Divorce

A business will only land on the chopping block if it is considered a marital asset. If you created the business during your marriage, it will certainly be considered a marital asset, even if your spouse did not play a role in it. However, if you created it before your trip down the aisle, everything up until your marriage will be considered separate property. If you have a business partner who owns part of the business, that person’s portion of the business will remain untouched. It is also possible for a business to be a liability if it is determined that it is not generating a profit and has no value.

To understand the value of a business, all of its financial records will have to be reviewed, including its balance sheet, tax returns, and other documents related to losses and profits. It is important to note that one of the easiest places to hide marital assets is in a business, which is why it is crucial to hire an attorney with extensive experience in this area. If a business was doing well before the divorce and suddenly begins losing money and incurring heavy capital expenses, this may be a sign that your spouse is hiding marital assets.

Protect Your Business with the Assistance of an Experienced Divorce Attorney Today!

If you have a business and are in the process of ending your marriage, the family law team at the Law Office of Kathryn Marteeny can help you protect your interests. Our attorneys are backed by more than three decades of experience, so you can trust that our team can smoothly and effectively guide you through the process.

Reach out to our law office today at (713) 936-2300 to set up a consultation with a member of our family law team and learn more about your legal options.

Categories: Divorce, Property Division

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Law Office of Kathryn Marteeny
Law Office of Kathryn Marteeny - Houston Family Law Attorney
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