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What may happen to your business in the event of a divorce

Some people may feel as though divorce goes the same way for all couples who make the decision to end their marriage. The truth is that every situation is unique and even though there are disputes over property, assets and child custody, there are various outcomes that people could experience. In a high asset divorce, when spouses own a business together, people would be surprised at what options they have when making a decision about what to do with their business.

Along with believing that all divorces are the same, people may also be under the impression that property or assets owned by both spouses must be divided evenly when a divorce occurs. When it comes to owning a business together, there are other options other than putting the business up for sale and dividing the profits evenly. Instead of selling the business, couples can continue to operate the business together or one spouse could be bought out by the other, so one person will continue to run the business on his or her own.

In most cases, one of the above-mentioned options could work when a couple decides to divorce. While there is more than one option available to couples, it is not uncommon for them to sell the business and go their separate ways after they receive a share of the profits. Even though they make this decision in the end, it is important that they know all of their options before deciding to sell.

Couples who own a business together and plan to divorce may want to seek the assistance of a high net worth divorce attorney. These types of attorneys are knowledgeable and familiar with this particular situation and may be able to suggest a solution that is fair for both parties. Both, you and your spouse have run and maintained your business, so it is only right that you have a fair say in what happens to the business in the event of a divorce.

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Law Office of Michael D. Tracton, P.C.

12920 Dairy Ashford Road
Suite 140
Sugar Land, TX 77478

Phone: 281-201-1481
Fax: 281-242-2325
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