Address609 W. Young St. #2, Llano, TX 78643

AddressBurnet - By Appointment Only

Free Consultations

325-216-2006

Llano County Business Owner Divorce Lawyer

Blanco County property division attorney for business assets

Attorney for Business Valuation and Asset Division During Divorce Cases in Llano and San Saba

Most divorce cases involve different types of financial issues that spouses will need to address and resolve. These matters can be especially complex when a spouse is a business owner. A family business can represent a significant investment, as well as the primary source of income for one or both spouses. For a business owner, one of their primary goals during their divorce will most likely be to ensure that their business can remain intact and operational. To do so, they will want to have strong and effective legal representation from an experienced family law attorney.

At the Law Office of Russ Alan Baker, PLLC, we understand the legal and financial concerns that affect business owners in divorce cases. With over 16 years of experience and a history of advocating aggressively on behalf of his clients, Attorney Russ Baker can help you protect your rights and interests throughout the divorce process and beyond. He will make sure you understand the best ways to approach matters related to your business, and he will work to help you reach an outcome that will allow you to maintain ongoing financial success.

Division of Business Assets During Divorce

To determine how ownership of business assets should be approached, divorcing spouses will first need to determine whether a business is a marital asset. A business that was founded after a couple was married will be part of the marital estate, and it will need to be considered when determining how to divide marital property between spouses. If one spouse owned a business before the couple was married, the business usually will not be considered marital property. However, the business owner may be required to reimburse their spouse for any contributions that led to an increase in the value of the business, such as the investment of marital funds or work performed to help expand business operations. If a couple has a premarital agreement, it may detail how issues related to a non-marital business will be handled during their divorce.

The full value of a business will need to be determined to ensure that it can be addressed properly when dividing marital assets. Multiple methods may be used when performing a business valuation, including comparing the assets owned by a business with its debts and liabilities, looking at other similar businesses in the local area that have been sold recently, or evaluating the business's earnings and growth potential to estimate how it may increase in value over the next several years. By gaining a complete understanding of the value of a business, a couple can ensure that the interests of both parties will be protected when determining how to divide business assets.

In many cases, the spouse who primarily operates a family business will want to maintain full ownership of the company. They may reach an agreement to do so during their divorce by ensuring that the other spouse receives a share of other marital assets of an equivalent value. If this will not be possible, the spouses may agree to set up a payment plan in which the business owner will pay off the other spouse for their share of the business over multiple months or years. If both spouses have been involved in managing business operations, a couple may agree to continue to serve as co-owners and business partners following their divorce. If no other workable arrangements will be possible, a couple may agree to sell a business during the divorce process and divide the profits earned along with their other marital assets.

Contact Our Brown County Property Division Lawyer

If you or your spouse own a business, the Law Office of Russ Alan Baker, PLLC can help you make sure it will be addressed properly during your divorce. We will work with you to negotiate a divorce settlement that will protect your financial interests, or we will help you resolve these issues through litigation. Contact us today by calling 325-216-2006 and setting up a free consultation. We assist with complex divorce cases in Burnet, San Saba, Johnson City, Blanco County, Gillespie County, Llano, Brown County, San Saba County, Lampasas County, Bertram, Llano County, Marble Falls, Mills County, Mason County, Blanco, Fredericksburg, Burnet County, and the surrounding areas in Central Texas.

Back to Top