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.