How Owning A Business Can Complicate Divorce
Business owner divorce involves many moving parts. You may have built a business over the years with a spouse who has complementary skills. Much of your net worth may be tied up in the company. What are the legal options for moving past the divorce without destroying your business?
At W. Tyler Moore, PC, our attorney is not only a seasoned Texas divorce lawyer, but he also frequently handles commercial disputes for Houston companies. With this experience, we can provide pragmatic legal advice that protects your personal and business interests throughout the divorce process.
Never Thought A Prenuptial Agreement Was Necessary?
Preventative measures can mitigate risk. A prenuptial agreement negotiated at the start of a marriage is one way to specify what will happen to business interests in a divorce. With a second or third marriage, this is something important to consider.
But when you were married, you may not have contemplated starting a business. What options exist if there is no prenuptial agreement?
Buy Out Or Sell?
A variety of loans or financing arrangements might allow you to buy out the interest of your soon-to-be ex-spouse. Proper valuation of the company is crucial to determine whether this route is feasible.
Selling the business and dividing the profits is the most straightforward option, but rarely the ideal answer. This may allow you the funds to start a new venture after severing financial ties. A sale, however, can take many months and the timing must be done carefully.
Start With A Consultation
A family-owned business complicates property division — you may not only be divorcing spouses, but also business partners. Our attorney has more than 40 years of legal experience and is a certified by the Texas Board of Legal Specialization as a specialist in both family law and civil trial law. This background can make the difference.
Please call our Houston office at 713-322-3950 or send us a message online to get started.