Divorces, ideally, should reach a favorable settlement for both parties as quickly and smoothly as possible. However, property division is not easily achieved. The division of business assets requires detailed evaluation and proof of ownership. Complex property division laws come into play.
From filing a preliminary injunction to preserve your interests in the property and preventing the other spouse from selling business assets to ensuring a fair distribution that protects your rights, the attorneys at the Law Offices of Alex R. Hernandez Jr. can help you at every step of the process.
When you and your spouse ran a business together…
If you and your spouse operate a business then various factors need to be considered before a fair split can take place. For example, even if one spouse already owned the business before marriage, the use of marital assets to grow the business has to be considered at the time of dividing business assets. If the business has shareholders and investors, then these aspects too need to be considered.
Valuation and distribution of business property and assets require legal knowledge of Texas community property law.
Our experienced lawyers have resolved property disputes that cover businesses designated as separate property; businesses that have experienced growth because of common marital asset; valuating professional practices and calculating the value of professional licenses; business operated jointly with other investors; overseas businesses; and businesses mentioned in prenuptial agreements.
The division of business assets requires valuation of the business and also the “goodwill” that the business has in the market. It is not as straightforward as the division of real property is. The worth of businesses cannot easily be pegged to a dollar value. Expert assessment is required. A divorce attorney who has had success in dividing businesses during divorce proceedings can be of invaluable help.
It is not uncommon for contesting spouses to show a decreased value for assets being claimed. A slowdown in the economy and fall in real estate prices are just two ways in which asset values can be shown as lower than what they actually may be. If the economy has actually slowed down, then it becomes relatively easier for a spouse controlling the business to show losses and depreciation of assets.
Trust us with your business assets case
We have a nose for digging into corporate records so that illegal transactions and misappropriation of funds by a spouse does not go undetected. Where required, we team up with forensic accountants to assess marital assets and determine future course of action.
You have spent time and money in developing business assets. The end of a marriage does not have to end your rights over your business.