As a local small business ourselves, we understand the hard work it took to build your business from a small idea to a thriving venture. Naturally, the last thing anyone wants is for it to be undermined by a pending divorce case. So it stands to reason why many clients facing the end of their marriage ask the same question: “What might happen to my business in a divorce, and how can I protect it?”
The answer to this question depends on various factors that will not be known until you meet with one of our qualified attorneys to discuss the personal and professional intricacies of your unique situation. That said, we are here to help.
Our experience in family and business law means we are well-equipped to protect your rights and interests.
Whether through amicable mediation strategies or a carefully measured courtroom approach, we ensure that you make informed decisions throughout your divorce case that lead to the best possible outcomes for you, your family, and your business.
When Your Business Was Formed Is Important
Whether or not your business could be impacted by your pending divorce depends largely on when the business was formed. Texas is a community property state, meaning that most property or belongings acquired during a marriage are considered jointly owned and will be divided in a just and right way upon divorce. That can include any business ownership interests, including interests in partnerships or sole proprietorships that spouses may own and manage.
In these scenarios, decisions must be made about whether the business will be divided, sold (with proceeds divided between the spouses), or kept intact, with the party retaining the business buying the other party’s interest. Conversely, ownership of your venture may not be impacted if it was created before the marriage or received through an inheritance and deemed by the Court to be separate property.
The bottom line is that each marriage and business structure among divorcing spouses is different.
You must discuss with your attorney how that dictates which factors should be considered when dividing assets.
Protecting Your Business Matters to Us
If your divorce involves a business you and/or your spouse own, it is essential to talk to our team at Nelson Law Group, PC. We understand how important it is to keep your business up and running, and there are ways to ensure it does not become a casualty in your divorce.
Personalized attention and responsiveness are the keys to success when divorce and your company’s future intersect. By seeking legal advice early, you can take proactive steps to protect your business and livelihood.
If you think you need a lawyer’s help as it relates to your business, you should speak with one sooner rather than later.
Call Nelson Law Group Today!!
Regardless of your family law matter, you need an advisor to guide you through each stage and help you deal with the fears that naturally come with that. We work diligently to achieve a result that ensures you receive what you are entitled to as you move forward onto the next stage of your life. The Nelson Law Group brings two decades of family law experience to every case.
Give our knowledgeable staff at Nelson Law Group, PC, a call if you have any further questions. Our staff is always available. Give us a call today! For more information about Brett A. Nelson, click here.
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