Business Ownership Can Complicate A Divorce
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.
Texas is home to numerous entrepreneurs and self-employed individuals. 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 experience in the areas of business valuation and divorce. At the Law Office of Michael D. Tracton, P.C., in Sugar Land, my clients benefit from my 35-plus years of family law experience, as well as my thorough knowledge of businesses valuation.
Utilizing Financial Professionals For Precise Valuations
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.
Safeguarding Your Business Interests During Divorce
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 non-related owners of the business whose interests would be affected by forcing that person to operate the business with the nonparticipating spouse.
Focused On Cost- Effective And Timely Results
I always try to help my clients avoid protracted and expensive litigation by pursuing alternative resolution methods. If necessary, however, I can prepare and present a strong case to the court in an effort to obtain a favorable outcome.