Dividing business assets in a divorce is one of the most difficult financial and legal situations a person can face. No matter if you own a business or are married to someone who owns a business, it’s a high-stakes situation and your financial future and the business could potentially be impacted. Thus, hiring an experienced Divorce Lawyer Dallas is not only a good idea, but it is essential. The right divorce lawyer can help you protect your interests, obtain a fair outcome, and navigate the complicated Texas law surrounding the division of marital property, including business assets.
The Complexity of Business Asset Division in Texas
Business asset division in a Texas divorce is often not simple. Rather than simply splitting a bank account or selling a home, businesses have always been functioning entities with ever-changing values, involved parties, and legal identities. Texas is a community property state. This means that assets obtained during the marriage (e.g., businesses, etc.) will presumably be jointly owned by both spouses and will be subject to division. However, determining just what portion of that business is a community asset, how much it is worth, and how it will be divided will take extensive legal and financial knowledge.
Why Do Business Owners Need a Divorce Attorney?
Business owners encounter particular risks in divorce. Without an experienced divorce attorney for business owner, you might be giving up more than you should or risking your company’s future. Here is how a dedicated attorney can assist you:
Asset Identification/Classification
An experienced divorce attorney Dallas will investigate the business records and marital history as to whether the business is community or separate property. Furthermore, even if the business was founded prior to marriage, any financial increase or improvements to the business during marriage can be subject to division in accordance with Texas law.
Business Valuation
To achieve fair division, an accurate business valuation is necessary. An attorney may work with business valuators to determine a company’s true value, using multiple business valuation methods (asset-based, earning values, and market values) to represent present and future earning potential.
Protecting Business Continuity
An experienced divorce attorney Dallas will craft a divorce agreement so the business can continue to operate with minimal disruption while protecting employee/client/vendor relationships and operational stability from day to day.
Negotiating Buyouts or Co-Ownership
If both spouses have a stake in the business, attorneys may negotiate for buy-out terms, co-venturing opportunities or business sales while minimizing risk to both parties and the business.
Addressing Commingled Assets
When business and personal finances are entwined, an attorney will engage in financial tracing to separate marital from non-marital assets. This is essentially to make sure one spouse is not financially profiting from commingled funds when dividing property.
The Role of a Divorce Lawyer Dallas in Complex Asset Division
Dividing business interests involves knowledge and consideration for the potential obstacles that may arise before making informed and cautious decisions. A Divorce Lawyer Dallas at Clark Law Group will:
- Help You Understand Texas Property Division Laws: First and foremost, to ensure that you have no issues meeting the required laws and deadlines.
- Create a Tailored Legal Strategy: Every business is always different, and your attorney will create a strategy and next steps to meet your goals and the context of your situation.
- Work with Valuators: To find hidden assets, identify loans, and verify that all business interests are valued fairly.
- Negotiate on Your Behalf: As needed to achieve a fair settlement or prove your case in court.
- Protect Your Privacy and Reputation for Business: By negotiating professionally and, even more importantly, discreetly.
Why Choose Clark Law Group for the Business Asset Division?
Clark Law Group is a premier family law firm in Dallas who understand community property law in Texas and also understand business valuations and negotiation tactics to support your financial and personal interests. Clients will realize benefits from:
- Decades of experience with complex divorces and division of business assets.
- Knowledge of Texas family and business law.
- Collaborative relationships with valuation consultants, accountants, and financial planners.
- Personal service and attention at every step of the divorce process.
Conclusion
When dividing the business assets in a Texas divorce, you need an experienced Divorce Lawyer Dallas because the stakes are very high. You can protect your business and financial future and reach a fair and equitable outcome with the help of an experienced attorney. Clark Law Group is prepared to assist you with every aspect of the process, from the identification of assets to settlement.
Protect your business and future – contact Clark Law Group today to arrange a confidential consultation with a divorce attorney for business owner in Dallas.