Divorces Involving Businesses

Austin Lawyers for Divorces Involving Businesses

Complex Divorce Cases Involving Business Assets

The dissolution of a marriage inevitably leads to the division of marital assets, a process that becomes significantly more complex when a business is involved. Given that businesses are legally considered property, divorces involving business owners raise critical questions about the future of the business, ownership rights, and how it should be categorized – as separate or marital property. These complexities are heightened in situations where both spouses are involved in the business, potentially leading to disputes over operational responsibilities and ownership in the midst of divorce proceedings.

Divorces Involving BusinessesAt Newberry Law, PLLC, our team, led by Joe Newberry with his deep understanding of high asset divorces and his academic background in Finance and Economics, is adept at handling cases involving family businesses, private practices, restaurants, and other commercial ventures. We specialize in navigating these high-stakes divorces, helping business owners throughout Central Texas find equitable solutions during their divorce.

Understanding Separate and Community Property

In Texas, property acquired during a marriage is typically considered community property and subject to equitable division upon divorce. This includes businesses, which may be classified as separate property if acquired before marriage or through non-marital means, such as inheritance. However, the distinction between separate and community property can become blurred in the context of a business, especially if:

  • Joint funds or investments were used for business expansion.
  • The business’s value increased due to joint efforts during the marriage.
  • One spouse played a significant role in the business’s growth.

These factors must be carefully evaluated to determine the extent of each spouse’s ownership and entitlement, especially in cases where a separate property business has acquired community property interests.

Options for Business Owners in Divorce

The future of a business amidst a divorce can depend on various factors, including the possibility of maintaining a professional relationship with an ex-spouse. Options for business owners in divorce scenarios include:

  • Continuing co-ownership post-divorce.
  • Selling the business and dividing the profits.
  • Buying out the ex-spouse’s share.

In cases where a business sale or buyout is considered, the expertise of a professional business appraiser is crucial to accurately assess the value and ensure a fair division.

Contact Joe Newberry for High Asset Divorce Representation

Navigating a divorce involving business interests can be daunting, particularly in contested situations. Joe Newberry’s unique blend of legal acumen and a strong background in Finance and Economics positions him ideally to tackle these complex cases. At Newberry Law, PLLC, we provide the guidance necessary to assess your business’s value, determine equitable share distribution, and decide on the most suitable path forward for your business amidst the divorce.

If you are facing a divorce involving business interests and need expert assistance, contact Joe Newberry at Newberry Law, PLLC at 512-320-8200 for a free consultation. Our commitment is to deliver knowledgeable and tailored guidance through the intricate aspects of your high asset divorce.