Because of our law firm’s large business law practice, our Frisco business divorce attorneys frequently work with clients who own family businesses and privately held businesses. We also work with clients involving business partnerships. When these clients start the divorce process, one of their primary concerns is how the divorce will affect their business interest and whether they can afford to buy out their spouse’s interest (even if the spouse wasn’t involved in the day to day operations).
We understand your concerns. We’re business owners ourselves and we’re committed to helping our business divorce clients find solutions that don’t ruin their company or create cash flow problems.
Our family law team has decades of experience both at trial in family court, and with divorce mediation. We have mediated more than 2,200 divorce cases and settled 98% of them successfully, without the need for a trial. Our business divorce lawyers in Frisco focus on cases that are likely to go to trial. Some of our attorneys also have a decade of experience in business litigation. We know business inside and out, and the impact of a divorce.
Your Albin Oldner Law, PLLC attorney will not only have access to legal advice from our business lawyers, but they will also work with knowledgeable business valuators to get an accurate assessment of the value of your business. That value would exclude the value that the business-owning partner brings to it. He or she would be treated as an employee without a non-compete agreement, who may start up a similar business.
Texas’s community property law does get a bit more complex depending on the type of business you own. For example, if you own a small sole proprietorship that doesn’t have many assets, it is more likely that the business will remain yours.
Corporations or large businesses with many assets are more challenging to divide. In some situations, these businesses cannot be divided but instead may need to be sold. This will require business valuation services to determine the fair market value of your company.
Do you and your spouse both own the business? If so, there are additional considerations to make. For example, the court will want to make sure proper division occurs without destroying the business. This requires creative property division. For example, you or your spouse may need to buy-out the other’s interest in the business or offset the difference with other assets such as 401K plans or home equity.
It’s also possible that you and your spouse can work amicably together in co-ownership of your business after your divorce. You’ll need to determine this and more as you go through your divorce.
Our team of attorneys have represented clients ranging from small business owners to Fortune 500 companies. Their background in business law is a tremendous asset for clients whose divorce will involve business interests.
If you’re concerned that your divorce may affect your business, schedule a time to meet with one of our Frisco business divorce attorneys. We think you’ll enjoy the comfortable, informal atmosphere of our office, and find our lawyers easy to talk to, and ready to explain your legal rights and options.