Divorce Involving Business Partners in Texas
ATTORNEYS IN DALLAS
A divorce involving a family business can make the survivability of the business unpredictable and may result in the sale of that business.
Divorce Involving Business Partners
When married couples work together as business partners and decide to end their marriage, they may also want to terminate their professional relationship. This can lead to complex and contentious divorce proceedings.
Businesses, like any other assets, may be divided in divorce proceedings if they are deemed community property. Whether a business is community property depends on when it was established. If a business was created during the marriage, it will likely be considered a community asset and subject to division by the court. However, there may be exceptions to this rule. If a business was started prior to the marriage, it is generally considered separate property and each spouse's interest in the business will remain their separate property after the divorce, unless the parties agree otherwise. The court will determine the division of community property in a manner it considers fair and equitable.
Divorce Options for Business Partners
When married couples who are also business partners decide to get a divorce, they have several options to consider. Some may choose to maintain their professional relationship and continue working together, but this can be difficult because the issues that caused their marriage to end may also affect their working relationship. Alternatively, one spouse may purchase the other's share of the business and operate it alone. Sometimes, both parties may agree to sell the business. Another option is for one spouse to receive assets equal to half of the business's value. In rare cases, the business may be divided into two separate entities.
Valuing Businesses in Divorce Cases
Regardless of the choice made by divorcing business partners, it is imperative that they receive a fair and precise evaluation of their company's worth. Assessing a business's value involves considering several factors, such as its past, present, and future profitability, assets, and real estate holdings. Various techniques are used to determine a company's worth. The book value method calculates a business's value by deducting its debts and liabilities from its assets. The intrinsic value method evaluates only the actual value of a business's assets, while the value to the owner method determines the worth of particular factors, such as staff training and yearly salary, to the owner. Lastly, the comparable sales method evaluates the supposed market value of a business by examining the sales of similar businesses.
Speak with an Experienced Divorce Attorney
If you and your spouse are business partners and are considering divorce, it is advisable to consult with a lawyer to explore your options. The attorneys at Wilson Whitaker Rynell have extensive experience handling intricate divorce cases and we will work to protect your best interests. Our firm represents clients in divorce cases in various Texas cities, including Dallas, Austin, Houston, Fort Worth, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
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