Protecting A Family Business In Divorce
It is not difficult to separate a family business during a divorce, as long as the parties do not care about keeping the business operating successfully. However, when you have worked hard for many years to build a successful business, you need an attorney with the skill to divide that business without destroying it.
At The Parent Law Firm, in San Antonio, we are dedicated to finding the right arrangement for the division of your family business. With decades of collective practice experience, our lawyers are prepared to advise you on how you can protect your property rights and your livelihood during and after your divorce.
Attorneys With Real Business Experience
Community property laws in Texas will have a tremendous impact on the outcome of your case. The first step in dividing a family business is determining whether the business and its assets are community property or separate property. This is complicated by the fact that certain actions taken over the years can make it more difficult to characterize property as separate or community property.
Our attorneys, who possess significant business experience of their own, have the skills necessary to determine whether a family business is separate or community property. This is accomplished by examining factors such as how and when the corporation was formed, how and when it was financed and/or refinanced, what kind of credit was used, whether it was restructured and whether loans were taken out with community credit.
Ensuring Proper Valuation Of Your Family Business
Once the nature of the property is identified, it is crucial to properly determine the value of the business. Our attorneys work with professional experts for examining profit and loss statements, tax issues and other factors to determine the value of a business and pursue the most advantageous division arrangements for the future success of the business.
Protect Your Business | Contact The Parent Law Firm
From determining the value of your business to structuring buyout agreements, we can handle all the issues involved in dividing your family business. Contact us today for an initial consultation.