Divorce For Attorneys

Clark Law Group > Divorce > Divorce For Attorneys

Dallas Divorce Lawyer Helping Address Ownership of Business Assets

When a couple chooses to get a divorce, they will need to address a wide variety of legal and financial concerns. These matters can be especially complex for business owners, and in many cases, a person will want to make sure they will be able to maintain ownership of a family business or protect a professional practice from issues that will affect its ability to continue operating. By understanding how business assets are addressed during the property division process, a person can determine the best ways to protect their financial interests and ensure that they will be able to move forward successfully after completing the divorce process.

dedicated representation for business owners

Business owners can make sure their rights and interests will be protected by working with an experienced attorney. The lawyers of Clark Law Group provide dedicated representation for business owners who are going through the divorce process, and we make sure they fully understand the financial issues that will affect them and the best ways to resolve these matters and any other disputes they may encounter. We believe in taking the time to listen to our clients’ concerns and address their needs, and we work to ensure that business owners will be in the position to succeed as they begin the next phase of their lives.

Dividing Business Assets During Divorce

A divorcing couple will need to determine how to divide all of the marital property they own together. A business that was founded or acquired during a couple’s marriage will need to be considered along with other marital assets. Even if only one spouse was involved in owning and operating a business, the business will usually be considered a marital asset unless a couple has created a prenuptial or postnuptial agreement that states otherwise.

A business that is considered separate property owned solely by one spouse, such as a business that a person owned before getting married, may also need to be considered during the divorce process. By understanding the value of the business and how it affects the financial resources that are available to the owner, spouses can ensure that other forms of property are divided in a way that provides for the needs of both parties. A couple may also need to address any increase in value of a separately-owned business that occurred during their marriage. If the other spouse contributed to the growth of a business, such as by agreeing to invest marital funds in the company, the business owner may be required to provide reimbursement for these contributions.

After performing a business valuation to determine the full monetary value of business assets, spouses may choose one of the following options when deciding how to handle ownership of the business:

Sole ownership – The spouse who is primarily involved in managing a business may wish to continue to own the business. A couple may agree that one spouse will own a business and the other spouse will own other marital assets of the same value, or the business owner may purchase the other spouse’s share of the business by making a cash payment or setting up an ongoing payment plan.
Joint ownership – If both spouses have worked together to own and operate a business, they may be able to continue serving in the same roles after getting divorced. In these cases, they will most likely want to establish a legal partnership agreement that fully defines their ongoing roles and responsibilities, ensuring that they will be able to co-own and co-manage the business successfully.
Sale of business assets – In some situations, the best option for spouses is to sell a family business to a new owner during the divorce process. This will eliminate any conflicts about ownership of business assets, and the profits from the sale will provide the spouses with additional financial resources that may be used to pay off joint debts or be divided as part of their divorce settlement.

Contact Our Dallas Business Asset Division Lawyers

If you are a business owner, you will want to understand how your divorce will affect your business and your finances. Our attorneys can help you address these issues, and we will advocate on your behalf to help you reach a successful outcome to your case. Contact our office at 469-906-2266 to arrange a confidential consultation today. We help business owners address divorce-related issues in Dallas County, Dallas, Denton County, University Park, Collin County, Highland Park, Fort Worth, Park Cities, McKinney, Preston Hollow, Plano, North Dallas, Grand Prairie, Lakewood, Mesquite, Lake Highland, Garland, Irving, Coppell, Carrollton, Valley Ranch, and Farmers Branch.