Navigating a Texas divorce can be hard, especially when it involves..
Divorce is a complex, emotional process, and it can become even more complicated and even financially devastating when a business is owned and operated by you or your spouse.
At the Law Office of Greg Whitten in Allen, Texas, we have experience in helping clients protect their interests in a business during the divorce process. In addition to his legal education and experience, Attorney Greg Whitten has a degree in finance; has represented numerous businesses in contract and other commercial litigation cases; understands financial statements and the books and records of businesses; has years of experience with divorces that have business-related issues.
If you or your spouse own a business you owe it to yourself to talk with a divorce lawyer who has experience with the additional considerations that ownership of a business involves. Whether it is in working with you, your CPA, or other experts in a valuation of the business, tracing assets, or helping develop the evidence you need to protect your interests in the business in your divorce, Attorney Greg Whitten can help.
There are numerous questions and facts to be evaluated when a divorce involves a business. A few of these are:
- What type of business entity is it? A Sole Proprietorship? General Partnership? Limited Partnership (LP)? Limited Liability Partnership (LLP)? Limited Liability Company (LLC)? S-Corp? Chapter C?
- When was the business formed? Before the marriage or during the marriage?
- Who are the Members / Owners / Shareholders, and in what percentages?
- Has the business paid fair and normal compensation to the spouse who started/operates the business (as opposed to such money staying inside the business)?
- Is the business a valid and ongoing concern if it were sold and you / your spouse no longer worked in the business?
- Have you or your spouse invested money into the business that came from inheritance? savings? personal borrowing?
- Have you or your spouse personally guaranteed the obligations of the business?
- Has the business maintained proper books and records?
- Have one of you worked for the business without being paid the normal and typical compensation which would be paid to a stranger who held the same job?
- Is there a Buy / Sell Agreement in the event of divorce?
- Is there a Prenuptial or Postnuptial Agreement that covers the business?
- What is the business worth?
- Many, many other questions.
Speak With An Attorney About Your Business And Divorce Issues
At the Law Office of Greg Whitten in Allen, Texas, we have the knowledge and experience that is needed to deal with the complexities involved with businesses and divorce. If you would like to speak with a lawyer, call us 972-632-3662 or contact us through our website.