What Will Happen To My Business In My Divorce?
Most divorces have complex issues that require an experienced attorney to sort through. Spouses that share a business and get divorced often face the difficulty of wondering what to do next. As business owners and self-starters, we understand your business’s importance. While you are already ending your marriage, you don’t want to lose something else that you have worked so hard for.
Fortunately, you have options for preserving your rights in your business after your divorce. At Rose Sanders Family Law, our firm will fight to protect your interests so you can have the business future you want. Helping clients in Houston and throughout Harris County, our work as divorce attorneys are nationally recognized, including attorney Erica Rose being selected as a Rising Star by Super Lawyers.
Dividing Your Business Is Not Your Only Option
As Texas is a communal property state, all property obtained during a marriage is subject to division. Businesses are communal property acquired during your marriage unless explicitly designated as belonging to one spouse.
You and your spouse can decide what will happen to the business after your divorce. However, it can be challenging to negotiate this type of arrangement. Our lawyers will help explain your options so you can make the best decision for your future.
You have numerous options to consider, including:
- Keep joint ownership of the business
- Sell the business and divide the profits
- One spouse keeps ownership and pays out the other spouse
If a business is part of your marital property, we will first perform a detailed valuation, often seeking the help of experts in the field, such as accountants and advisors. An accurate evaluation of the worth of your business is critical if a division is necessary. However, keeping your business and removing your spouse from ownership is possible. Our family law attorneys will review your case and work with you to develop a plan.
Helping You Find The Right Solution For Your Future
Whether you want to keep your business, work out joint ownership, or are wondering about other options, it is vital that you work with an attorney who understands the process and what it means to run your own company. Contact the team at Rose Sanders Family Law today at 713-766-9082 or online to schedule a consultation.