Divorce in Texas – dealing with a business
Divorce in Texas – dealing with a business
Divorce can be a very nasty experience, especially when one or both parties feel aggrieved and wish for retribution. Dealing with bitterness is not the subject of this article a family law firm will have has dealt successfully with many divorce cases. Divorce may bring out the worst in the ex spouse as well and so the attorneys need to be briefed. Nevertheless bitterness and acrimony have no place in the legal system and so should be left aside from any proceedings.
A part of the winding up of a marriage is the division of assets. Pre-marital agreements are taken into account as is the separation of property that belonged to each party prior to marriage or was inherited by them during the marriage and thus the other partner has no claim to any part of it. Then there is the sworn inventory and valuation on which the fair and just division order will be made. It is strongly advisable for each party to have legal and experienced representation at this stage.
Part of this process may be dealing with a business as part of the marital assets or community property. Even if the business was existent prior to marriage or is included as such in a-pre marital agreement many things may occur during a marriage that changes the business into becoming community property. A refinancing deal for example may cause the status of the business to have significantly altered giving the partner a legally enforceable claim. Texas faliy lawyers will be able to advise on these matters.
Consider what effect it would have on a family business, which may have been around for generations, when it now turns out to be part owned by an ex-spouse. Complicated and involved ownership, management and profit sharing would be the very least result.
As one may imagine this area is a minefield of legalities and assessments. For this reason the skills and resources necessary to properly assess and valuate a business are necessary. Anyone in the situation where a business ownership is involved in divorce proceedings is seriously in need of these skills. They are urged to find an appropriate firm of attorneys, such as the Dallas Divorce Attorneys, appoint them and allow them to assist navigating through the intricacies of valuation.
One of the best approaches to doing this is to appoint a certified business appraiser or someone with similar credentials who is recognized by the ASA and allow him to go through the five years of accounts, business records and so on. His objective is to place a value on the business itself, not only its intrinsic worth with the value of the assets but with also including goodwill which can be calculated but has no tangible value.
The valuation will then be submitted to the courts to determine whether there is a case for the division of the business and how that should best be handled.
Anyone in the situation where a business valuation will become part of divorce proceedings is strongly urged to contact and appoint an well experienced and skillful attorney to represent them and ensure that all tights and entitlements are fairly and justly enforced.
You can attain a high-quality representation in a personalized atmosphere on all family law matters with Dallas Divorce Attorney. For more information on Texas Family Lawyer, you can visit www.TheMayFirm.com.
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