When Business Assets Are Divided In A Divorce
In high net worth divorce cases, the property division portion of the case is often complex, but becomes even more complex when business assets are at stake. If you face divorce in Texas and you or your spouse own an interest in a business, the outcome of your property division proceedings will play a significant role in your financial future and the future of the business. Key concerns in divorces involving business owners include:
- Keeping the business operational during and after the divorce
- Whether the business interest will be characterized as community or separate property
- Valuing the business interest, including determining the proper valuation method and considering business/commercial goodwill vs. professional/personal goodwill
Attorney Kathryn Lanigan Pruitt has more than 17 years of experience handling complex, high-asset property division in divorce cases. She has longstanding relationships with qualified and experienced business appraisal experts who know how to accurately assess and value business assets to assist her in protecting the financial interests of her clients.
Explore Your Options
Oftentimes the best option for dividing a business in a divorce is for one spouse to buy out the other. If one spouse was the primary decision maker for the business during the marriage, it makes sense for that spouse to remain with the business after the divorce.
It’s relatively rare and generally not recommended for both spouses to remain business partners after divorce, but this is another option, especially if the divorce was amicable and it serves both spouses’ financial interests to move forward as co-owners.
Both spouses may also decide to sell the business to a third party upon divorce. There are a number of options. The attorneys at Pruitt Law Group, PLLC, aided by experienced and qualified business appraisal experts, will work with you closely to help you understand the various ramifications and how they will affect your long-term financial interests.
Discuss Your Legal Needs With An Experienced Lawyer
Whether you or your spouse owns an interest in a business, you deserve a fair outcome in property division proceedings. To speak with an experienced divorce attorney who can protect those interests, contact Pruitt Law Group, PLLC, online or by telephone at 469-998-4830.