Texas Family Law Specialist
Guarding Your Legacy: Battle-Ready Advocacy for Business Owners going through divorce in Harris (Houston) County, and Galveston County, Texas
Texas is a community property state, which means all assets at the time of divorce are presumed to be marital property and divided in a just and right manner between the spouses. If any property is claimed to be the separate property of one spouse, i.e., acquired before the marriage or by gift or inheritance, that spouse has the burden to prove the separate property character. Otherwise, everything is divided as if it were community property. See Texas Family Code §§ 3.001 et seq.,
When a divorce involves the owners of a business, complicated issues often arise regarding the valuation of the business, child support over guidelines, and spousal support. Many times, the business itself is the family’s most valuable asset to be divided in the divorce, and the fair market value of the business is often hotly contested. League City Divorce for Business Owners Attorney Rob Musemeche is experienced with the unique rules and procedures Harris County and Galveston County courts require when valuating these businesses, along with the small number of qualified experts in the Houston area who provide these services on behalf of divorce clients.
When it comes to dividing assets and other business interests in a League City Divorce for business owners, Rob Musemeche is a board-certified divorce attorney dedicated to helping his clients find the right solution and best outcome. For example, one spouse could simply buy out the other’s interest in the business. Or, if it were contested at trial, the general process would still conclude with a similar result. The value of the business is assessed, and you will pay your spouse for their half (or percentage portion) of the business. In this general scenario, a judge could, in the alternative, award your spouse something of equal value in the property division ruling, such as the equity in the marital home, and you would keep your business without making any payments to your spouse.
The second scenario for dividing your business involves selling it. After the business is sold, the proceeds are then divided between you and your spouse. Businesses are often divided this way when the spouses cannot agree how to divide the business, or when the business is not profitable enough to adequately compensate the spouse that will give up ownership of it.
If the company is incorporated or otherwise subject to articles of formation and bylaws, it is possible the entity has established rules for the event of a divorce or death of a partner.
Lastly, you and your spouse may decide to continue to run the business together and continue to split the profits/losses. This is the rarest way to divide a business, but it is appropriate in some situations.
If you are going through a divorce with business assets, it would be wise to discuss your case with an experienced, Board Certified League City Divorce for Business Owners Attorney like Rob Musemeche. He can assist you with negotiating the outcomes that might protect your business and property interests in the divorce.
The Musemeche Law Firm is in Webster, Texas, in the Clear Lake (League City) area between Houston and Galveston. The firm accepts clients and cases in Harris (Houston) County, Galveston County, and Brazoria County, Texas. To schedule a confidential consultation with Attorney Rob Musemeche and our team, call (281) 475-4145. Our friendly staff is available to answer your questions, address your concerns, and help you take the first step towards a resolution. You can also reach us by filling out the quick and easy contact form located from the CONTACT US drop down tab, and also found throughout the website. We look forward to hearing from you, and having the chance to provide you with the trusted legal representation you need.
Remember, when it comes to family law matters, having the right attorney by your side can make all the difference. Trusted since 1988, Rob Musemeche is your steadfast advocate in the courtroom and beyond.