Professionals Have Unique Problems In Divorces
Doctors, dentists, accountants and, yes, lawyers all may one day find themselves going through divorce. With a professional practice and licensing, often a small business attached, you have a lot you want to protect.
Williamson Law Firm, PLLC, has the experience to ask the questions that make a real difference for any profession. You may have unique considerations in your divorce, including:
- Valuing your business
- Dividing business property and assets
- Dividing business debt
- Partnership and ownership disputes
- Relocating your business or practice
Since 1990, we have helped numerous Addison professionals protect their finances and reach the best outcome available in their divorces. We will work with you to keep your career strong as you start a new chapter of your life.
How Does Texas Divide Businesses In A Divorce?
When it comes to asset division in a divorce, Texas is a community property state. This means that almost all property acquired after marriage is considered community property and must be divided between spouses. This often includes businesses.
If you created your business before your marriage, then any income you earned before you got married is your separate income. However, the income your business generated after the marriage could be community property.
What If We Jointly Own The Business?
When spouses are joint owners of a company, asset division becomes even more complex. It is not always possible to divide a business 50-50, or for the company to remain profitable after a divorce. Some solutions to dividing a jointly held company could include:
- One spouse receives the business and the other receives other assets and property
- One spouse pays the other interest in the business
- The owners sell the business and divide the proceeds
- Spouses continue to run the venture jointly
Talk To A Divorce Lawyer About Your Business Interests
Williamson Law Firm, PLLC, can help you value your business, determine whether it is community or separate property and create a plan to divide it. Schedule a consultation to discuss these issues and other divorce matters. Call 469-385-3305 or send us an email.