Navigating Divorce for Business Owners in Dallas
Protect Your Business From Property Division
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 a divorce when it involves a business:
- Speak with a divorce attorney from Godwin Bowman PC 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.