Business and Divorce Attorney in Round Rock, Texas
How are closely held businesses handled in a divorce?
How are closely held businesses handled in a divorce?
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individuals that are married that own a
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business together you know that’s often
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one of the main assets in their divorce
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and so it’s very important to them you
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know who’s going to continue running the
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business
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are they able to get along from a
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business perspective even though they’re
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getting a divorce that’s a very
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important piece of the puzzle
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one of the things we deal with a lot is
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at the temporary orders hearing level in
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a divorce we’re dealing with okay while
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this case is pending who’s gonna run the
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business
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what transparency is the other spouse
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gonna have into that business
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and then ultimately leading up to what
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is the value of that business because at
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the end of the day often when
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individuals get divorced they can’t
00:46
continue to run a business together and
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so we have to determine the value of the
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business
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each
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individual’s input in history in running
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that business so we can determine
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what a
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a fair and equitable buyout of that
01:00
business interest may be
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and
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what that’s going to look like going
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forward after the divorce so it’s very
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important to know the ins and outs of
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not just family law
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in your specific clients
01:15
history within that business but also
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the business organization code
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because a lot of these even closely held
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family businesses have
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you know business contracts or they
01:26
might have operating agreements between
01:28
them as spouses
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it’s kind of where the business
01:32
organization code and the and the family
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code intersect and
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you have to be knowledgeable about how
01:38
you know how to divide the business and
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how to handle that going forward
01:42
post-divorce
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Austin, TX family law attorney Tyler Pennington explains how closely held businesses are handled in a divorce.
