Business Ownership Can Complicate A Divorce

Safeguarding Your Interests

According to the U.S. Small Business Administration, the number of small businesses in the U.S. has increased by nearly 50 percent since 1982. Big businesses have eliminated approximately 4 million jobs since 1990, while small businesses have added 8 million new jobs in the same period.

There are a lot of entrepreneurs and self-employed individuals in the country. If your household is among those that owns a business or has a partnership in a business, it is important to select an attorney with knowledge and experience in the area of business valuation.

At the Law Office of Michael D. Tracton, P.C., in Sugar Land, Texas, my clients benefit from my 35-plus years of family law experience, as well as my thorough knowledge of valuing businesses and determining the income of self-employed individuals.

Experienced Valuing Professional Partnerships And Practices

I work closely with highly regarded forensic accountants and other specialists who can assist with the valuation of complex business entities. These specialists can help prepare your case, both in determining the value of the business and determining income from the business for child support and spousal support purposes.

Even if you are involved with the business and know its approximate value, it is a good idea to seek an independent valuation.

Generally, when a family-owned business is part of the community property in a divorce, one spouse buys out the other spouse, or the business is sold and the assets are divided. There are instances when a couple continues to jointly own a business after divorce, but it is not common. In some cases, a court may actually be prohibited from awarding each spouse an equal ownership in the business if, for example, there are other nonrelated owners of the business whose interests would be affected by forcing that person to operate the business with the nonparticipating spouse.

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I always try to help my clients avoid protracted and expensive litigation. However, if necessary, I can prepare and present a strong case to the court in an effort to obtain a favorable outcome.

To have an experienced family law lawyer answer your questions regarding a family-owned business or any divorce issue during a free consultation, call 281-201-1481 or email me.