Wilson Whitaker Rynell

Experienced Lawyers

info@wwrlegal.com

a blue and orange check mark with the letter w on it as the Wilson Whitaker Rynell Logo
972-248-8080 DALLAS
713-830-2207 HOUSTON
512-691-4100 AUSTIN
wilson whitaker rynell attorneys and counselors at law logo
972-248-8080 DALLAS
713-830-2207 HOUSTON
512-691-4100 AUSTIN

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.

a blue and orange check mark with the letter w on it for Wilson Legal Group Logo

Best Texas Divorce Lawyers

Our Dallas Divorce Attorneys Serve Clients Throughout Texas


In order to best prepare yourself during the divorce process, it is vital that you have a qualified divorce attorney by your side. Our divorce law firm is dedicated to providing knowledgeable, professional, and effective legal counsel for all types of family and divorce matters. When you work with our experienced Dallas family law attorneys, you can trust that we will have your best interests in mind.

CLIENT MATTERS


5,000+


YEARS OF SERVICE

 25+

Award Winning

Recognized in the legal industry as dedicated board-certified lawyers and Rising Stars.

Expert Team

Your project will be handled by legal experts every time. You will have the most experienced attorneys working for you. 

Quality Representation

You’ll find the support you need to ensure that things run smoothly. We’re here to help with all your legal needs.

Meet Our Team

View All
A woman is sitting at a desk using a laptop computer.
By Chelsea Lankford 08 May, 2024
Interview of a Child in Chambers by a Texas Court Divorces can be messy; even more so when children are involved. One pivotal question that is often asked is who will receive primary custody. The prospect of children speaking to a judge during a divorce case to help determine custody can be a controversial topic. On one hand, it aims to understand and prioritize the child's preferences and best interests. On the other hand, exposing children to legal proceedings can be emotionally taxing and stressful . When Can the Judge Talk to Children? During a nonjury trial or hearing, the court is required to privately interview any child 12 years or older, while interviewing a child under 12 is at the judge's discretion. This private interview helps convey the child's wishes regarding who should have primary custody. The judge can also conduct the interview independently or on the request of a party, amicus attorney, or attorney ad litem. While speaking to the child can help determine issues of possession, access, and parent-child relationships, it does not restrict the court’s authority to decide what’s best for them. However, in cases where a jury trial is underway, the judge is prohibited from privately interviewing the child on matters subject to a jury verdict such as which parent is granted conservatorship/primary custody. During the conversations, attorneys representing the parents, the amicus attorney, the guardian ad litem, or the child's attorney ad litem may be present. For children aged 12 and older, the court is required to record these interviews to ensure a thorough and accurate record is available as part of the overall case documentation. Inside the Judge's Playbook: What Gets Asked? The judge may ask open-ended questions about living arrangements, the child's relationship with each parent, and other aspects relevant to their well-being. Additionally, an interviewer’s nonverbal communication may not contribute to the making of a particular statement. James v. Texas DHS, 836 S.W.2d 236, 239-241, (Tex.App.—Texarkana 1992, no writ.). However, the child's testimony is just one piece of the puzzle, weighed alongside other factors such as parental behavior, home stability, and each parent's willingness to cultivate the child's relationship with the other parent. Importantly, if the judge during the interview has reasonable cause to believe that a child’s physical or mental health or welfare has been adversely affected by abuse or neglect by any person , the the judge is obligated to shall immediately make a report. Tex. Fam. Code §261.101(a).
A little girl is sitting on a rope swing.
By Chelsea Lankford 18 Apr, 2024
Parental Alienation | Texas Child Custody Attorneys
A red stamp that says classified top secret
By John Wilson 04 Apr, 2024
Understanding the Process for Sealing a Civil Case Under Texas Law: Insights from Wilson Whitaker Rynell, Dallas Attorneys
Show More
Share by: