Plano Business Asset Division Lawyer
Attorney Handling Division of Assets in Texas Divorce
Property division can become much more complex if assets include ownership of a small business or interest in a larger business. While the same rules apply regarding equitable distribution, as well as separate property versus community property, the complexity often arises in terms of determining the value of the business or business interest.
I am Michael Suffness, an experienced divorce lawyer in Plano, Texas. In addition to my legal education and more than 35 years of experience practicing law, I have also earned a master’s in business administration (MBA) from Rutgers University. When it comes to business asset division, my family law knowledge is complemented by my understanding of businesses and how they operate. I am well equipped to handle divorces involving businesses. Contact me.
How much is a business or a business interest worth? In some cases involving small, family-owned businesses, the answer is that it has little value outside of the work that one or both of the spouses are putting into it. How do you value these closely held businesses?
In other cases such as those involving interests in larger businesses, the true value may be unexpected and hard to calculate. For example, if there is interest in an oil and gas exploration business, and there is the potential for that business to make a discovery in the future, what is the business interest’s true value? How can you put a value on the possibility of future success? Should you? These are questions I can answer.
Property Division Is Not the Only Issue
In a divorce, everything overlaps, and property division is no exception. When looking at a business, the way that expenses and income are handled needs to be evaluated in light of child support and other issues. Child support is calculated based on income, of course. What if a person is paying for a car through a business? Should that be added into income? I will review your case with all of these overlapping issues in mind.
If you would like to work with a Plano business asset division attorney who will approach your case with care, please contact my office for a free half-hour consultation.