Business Owners and Business Assets in a Texas Divorce

Originally published by Law Office of Bryan Fagan.

Complex property division cases, high net worth divorces, and matters that require divorce planning in Texas often involve business owners and business interests. If one or both spouses own a closely held business, the process of dividing their community estate takes special legal, accounting, and tax expertise. Frequently in these cases, one or both spouses will be the owner, director, primary shareholder, managing member, or partner in a small- or medium-sized business.

Houston Business Owner Divorce Attorney

The divorce attorneys at The Law Office of Bryan Fagan, are effective at representing business owners going through simple or complex, high net worth divorce. It is imperative to individuals that own a business that they seek adequate legal representation.

Our marital property division attorneys are exceedingly experienced in Texas civil litigation and business law, which is exceptionally valuable to representing business owners in divorce cases. If you are a business owner, shareholder or partner in a firm, contact us to secure your legal representation.

Types of Business Property that must be divided in a divorce case:

1. Closely Held Business
2. Business Interest
3. Business Assets

Closely Held Business

Closely held business entities can be in the form of a ‘C’ corporation, ‘S’ corporation, limited liability company (LLC), limited partnership, sole proprietorship or any other recognized type of entity. An attorney with experience in business law and business litigation will need to asses whether all or part of the business is community property.

Business Interest

If the business interest is community property, the lawyer must consult with experts in other fields to value it. After the business is valued by an expert or a value is agreed upon by the parties to the divorce, the attorney will advise the client of his or her legal rights and develop a strategy to facilitate an agreed division or, if necessary, present the case in the most favorable light to the court.

Business Assets

A critical skill your attorney should possess is the ability to properly document the division of the business assets, ownership rights, and ownership duties when the divorce is finalized. This documentation must be included in the mediated settlement agreement, final divorce decree, and in the internal resolutions, minutes, ownership certificates, shares, and relevant agreements of the business entity. If not properly documented, the division of the business will not be completed and conflict between ex-spouses or with the other persons involved in the business is likely to occur in the future.

Law Office of Bryan Fagan | Spring, Texas Divorce Lawyers

If you have questions regarding divorce, it's important to speak with a Spring Texas divorce lawyer right away to protect your rights. Our Spring divorce lawyers are skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact Law Office of Bryan Fagan by calling (281) 810-9760 or submit your contact information in our online form. Law Office of Bryan Fagan handles Divorce cases in Spring, TX, Houston, Cypress, Klein, Humble, Tomball, the FM1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers, Galveston, Brazoria, Fort Bend County and Waller County.

Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.

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