Navigating Divorce for Business Owners
Divorce Can Jeopardize a Family Business
Divorces involving complex assets can be very difficult. If you are a business
owner, your business will most likely be valued as part of the distribution
of assets process. This means that a financial expert will examine your
books and records and question you about your business practices and expenses.
It also might be necessary for each spouse to hire an independent financial
expert to protect their respective interests. This process can be expensive
while also forcing you to take time away from your business, resulting
in a considerable financial hit. If you and your spouse are both co-owners
of the business, this could present a number of challenges. You both may
be highly invested both emotionally and financially in your business.
Dividing the business can be extremely hard.
Here is advice to help you navigate through divorce when it involves a
Speak with a
divorce attorney from
Godwin Bowman & Martinez about your case as soon as possible for the advice and insight you need.
- If you have a prenuptial or postnuptial agreement, this could establish
your asset distribution in a divorce.
- Use a confidentiality agreement to protect sensitive company information
and trade secrets.
- Your attorney may be able to help you organize a long-term settlement involving
individual payments over time, in order to protect your business.
- Examine your business partnership agreement, if applicable, for information
about the methodology of a buyout or the valuation of interests in the
event of an owner's divorce.
- Discuss the possibility of hiring a joint financial expert to keep costs lower.
To learn more,
Godwin Bowman & Martinez
at (214) 939-4400 and speak with a member of our legal team. We represent
family law clients throughout the state of Texas.