We Work To Make Property Division As Smooth And Simple As Possible
Parting ways with a spouse is a complicated process. Divorce requires you to examine everything you own together and separately and then figure out who keeps each asset or debt. It is natural to be worried about what will happen, but with skillful guidance, you can be assured that a fair and truly equitable result is attained.
Our attorneys at Skillern Firm have extensive experience with division of property in Texas divorce cases. We will work closely with you to streamline this process and ensure that you part with a fair award or settlement.
Locating All Assets Is Necessary For A Fair Outcome
We provide consistent attention to you and your need for information and guidance. We can help you protect, account for and accurately value both the obvious and not-so-obvious assets and debts such as:
- Your house, vehicles and any other properties you own
- Retirement accounts, pensions and investments, including shares of a business
- Mortgage debt, credit card debt, medical debt, student loans, business loans and other debts
- Special items such as pets, furniture, heirlooms, jewelry, artwork and more
- Any business holdings tied to the marriage, including family businesses (read on for more detailed information below)
Sometimes, a spouse might hide or destroy assets. Our team is thorough, and we will work hard to locate hidden property, including pulling in forensic accountants to uncover secret, stashed or offshore accounts. When warranted, we hold the other party accountable for any damage to or wasteful dissipation of marital assets.
In Divorce, What Will Happen To The Business?
For most people, professional life is somewhat separate from personal life. For business owners, however, the distinction can blur. The personal matter of divorce could particularly have implications for the business – and vice versa.
The classification of the business is critical. If the business counts as community property, both spouses may claim a portion of the value. If the business can be proven to be separate property, the court may not consider its value when determining awards, spousal maintenance and other matters.
The division of a business in divorce depends on several factors, including:
- When the business was started
- Whether only one or both spouses started the business
- Whether the spouses share co-ownership
- The existence of a premarital agreement that determines business ownership
- Whether marital assets were used as business capital at any point
Comingling marital funds and business funds is a common reason why a spouse might have a claim in an otherwise separate property business. For example, after using a joint account to buy business-related tools, a spouse may have a reimbursement claim.
Depending on your circumstances, it may be in your best interest to prove whether the business is a community property or not.
Dividing The Value Of The Business
When both spouses are entitled to business assets, we can streamline the asset division process. You can review your options with our attorneys, which may include selling the business, liquidating its assets or keeping it intact through “buying” your share with other community property. We will advise you as to each opportunity and consequence.
Using Ethical Strategies To Protect Your Interests
Your divorce case does not have to become a full-blown courtroom conflict. We will work to ensure that whenever possible a reasonable agreement can be met. When this is not possible, we are prepared to pursue litigation. No matter which route your case requires, we provide professionalism and integrity while prioritizing your best interests.
Work With The Team That Will Prioritize Fair Results
You deserve a fair divorce outcome. If you are entitled to all or a portion of a business, we will work to protect your share. Through negotiation, mediation or trial, the attorneys at Skillern Firm seek solutions that work for you. Call 281-990-4655 or email us in Houston for a consultation.