The property division process during divorce is not limited to personal property such as homes, cars, or assets such as retirement accounts. It also includes family businesses or businesses owned by one of the spouses. Businesses are subject to the same property division process of identification, characterization, and valuation. However, because businesses — even small family businesses — can have complex legal and financial structures, it is important to have experienced legal representation.
At the Law Office of Lauren Cain, in Frisco, Texas, our attorney has more than two decades of legal experience and understands the issues involved in business division during divorce. For example, it is often difficult to determine whether a family business should be characterized as community property or separate property. Something as simple as a change in the business entity during the marriage may convert the asset from separate property to community property that becomes subject to division in a divorce. This can make a difference in thousands of dollars in the final settlement.
Our law firm works with an independent business appraiser who is a CPA with accreditation in business valuation. Business valuation involves analyzing tax records and financial statements. It also requires that a value is placed on intangible assets such as goodwill. It can be difficult to assign a value to goodwill, in part because goodwill is often tied to an individual’s reputation. Because attorney Lauren Cain is a business owner herself, she understands issues such as these.
A business valuation can be challenging. It is critical to have an advocate who can articulate and document your position effectively. Our attorney is able to represent clients effectively in matters involving business ownership and divorce.
To learn more about family business and divorce in Texas, contact the Law Office of Lauren Cain. Call 214-326-4664 for a Collin County lawyer who listens to your concerns and protects your interests.