During a divorce in the state of Texas, all property must be identified as community property or separate property. While each case is different and unique, in general, community property is all assets and liabilities acquired during the marriage. Separate property is everything prior to and after the marriage. However, there are exceptions and it is a case-by-case assessment.
Once an asset or debt is characterized, it must be valuated and then divided equitably between the parties. This does not always mean a 50-50 split. What can complicate this matter even more is if the assets include a business entity or multiple business entities. Businesses are some of the most complex properties to valuate in a divorce. In fact, not all attorneys have the skills, resources and knowledge to handle this complicated area of property division.
Complex Property Matters In Divorce
Fortunately, at Patricia L. Brown & Associates, our lead attorney is very experienced with business valuations. Attorney Brown has specific knowledge and experience when it comes to divorce, particularly high-asset divorce that involves business entities. From professional partnerships and small businesses to larger companies and corporations, she can help you thoroughly valuate the business by working with the right experts. This is not a simple process so it is important that you have a seasoned divorce lawyer handle this issue on your behalf.
Thorough And Experienced Business Valuation Services
In a divorce, a business valuation is necessary when one or both parties own a business entity. This could be a joint professional association or partnership such as a physician's practice or law firm. This can also mean a small business, partnership, LLC or larger business, even a corporation. No matter how big or small your business may be, we will approach your business valuation matter with catered and knowledgeable legal counsel.
At its most basic level, the valuation of a business will examine the real estate property owned by the business and actual tangible property acquired by the business over the years. In addition, the past, present and future earnings of the business need to be taken into account. There is also an intangible aspect of "goodwill" that can be looked at, which is the value that the individual may bring to the business himself or herself.
In many business valuations, experts are required. This may be a business valuator, financial expert, CPA or accountant. There can be multiple experts involved in order to properly valuate a business and present the information concisely to the other party and the court.
Contact Knowledgeable Complex Divorce Lawyers - Williamson County
Tell our team of dedicated complex divorce lawyers about your specific case. No matter what type of business entity you may need assistance with, we can help you. You can schedule an appointment by calling our Round Rock, Texas, divorce law firm at 512-436-0826 or toll free at 866-369-3211. You can also contact us online.