Whether you own an actual storefront with tangible goods or you oversee contractors offering online tech support, your business is an extremely important asset. Divorce can threaten both your financial stability and the career you have so carefully built. If you are the spouse of a business owner, you likely have your own concerns, such as how to obtain a share of the business’s value.
At the Jackson Law Firm, with offices in Cedar Park and Austin, TX, we represent both business owners and their spouses in complex community property valuation and division matters. Our founding lawyer, Justin M. Jackson, has experience advocating for the rights and interests of those who are self-employed as well as those who own partnerships, LLCs or corporations.
Physically slicing the business in half is impossible, and selling it and dividing the proceeds may be impractical. In such cases, the first step is to have the business accurately valued by a professional appraiser. (If both spouses are partners in the business, it is often worthwhile to have each spouse retain a different appraiser.)
Once the business has been assigned a value, we help clients determine the appropriate amount of compensation to provide to the other spouse. In many cases, we are able to find that value in other assets and leave the business itself in the hands of the person most involved with it.
We also thoroughly investigate any legal documents that may have been drafted at the time of the business’s formation, outlining the steps that should be taken in the event of death or divorce.
If you have questions about business division during divorce in Cedar Park, Austin, or anywhere else in Williamson or Travis County, call the Jackson Law Firm at (512) 528-1900, or send us an email. We respond to all messages promptly. Credit cards are accepted, and after-hours appointments are available by request.