If you own a small business, protecting your business during your divorce is crucial.
As a small business owner, you have even more at stake in your divorce. If you created and grew your business during your marriage, ownership and control of that business will be a focal point during your divorce. You need to ensure that your business continues to run smoothly during the divorce. From the first meeting with your attorney, you need to focus on protecting your business during the divorce.
You also need to ensure that you can continue to run your business after the divorce. The Court will assign a value to your business. Your legal team works to make sure that that value is accurate. If the court values the business too highly, you could end up paying your spouse out of your future earnings long after your children are grown. You can protect your business during your divorce. Hire an attorney to make sure that the value assigned to your business by the divorce court is not too high.
To the Court, a business is an asset, just like any other. The Court can award the business to either spouse, or even divide the business between the spouses. This forces a couple to continue in business together even after the divorce is over.
Another danger is that the Court might divide ownership of the business between you and your spouse. Texas has very limited alimony, but if the Court awards your spouse a part of your business, your business will be paying them from your earnings for the rest of your life. It is critical to document the role each of you have played in the business. Your attorney needs the experience and the skill to lay out for the court how your spouse can be fairly compensated and your business can be kept entirely in your control and ownership. That will protect the future value of your business from your divorce.
If you owned your business before the marriage, you need to be able to prove that it is separate property.
If you owned the business before your marriage, you need to be able to establish that business as your separate property. That is the best way to protect your business during your divorce. There are many arguments that your spouse will make to try to paint your business as a marital asset. You need a board certified family law expert to ensure that your interest in that business is protected.
The Bolton Law Firm Helps Business Owners Protect their Business During their Divorce
The Bolton Law Firm is led by a board certified family law attorney. Your entire legal team will work together to protect your business and your ownership in your business throughout every stage of your divorce.
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