(833) 553-4251
(833) 553-4251
Are you a business owner facing a divorce in Austin? If you have business assets that may or may not belong to the other party, you need a divorce lawyer for business owners in Austin. The talented team at Kimbrough Legal, PLLC, is here to help.
Our attentive divorce attorneys have plenty of experience helping local business owners get through their divorces with the best outcomes possible. Whether you have many business assets or just a few, we can help the court understand how to divide things fairly
Texas is a community property state. Usually, that means most assets acquired during a union are split equally among both parties, although a 50/50 split is not the technical standard, the standard is a just and right division.
For business owners facing a divorce in Austin, the process can become particularly complicated. They may own real estate, business vehicles, cash, life insurance policies, inventory, etc. These assets can gain or lose value based on ongoing use, the economy, and the local market.
A business owner’s debts and liabilities are important, too. Credit accounts, upcoming property and back taxes, payroll, and other liabilities must be tallied and presented to the courts. Depending on each situation, they may or may not be considered community debts owed by both parties.
Ultimately, the court will decide on these points. That is why hiring an experienced divorce attorney is crucial.
When one party owns a business alone, but their spouse has invested significant time and money in the organization, the court may consider those efforts.
When a couple owns a business together, sometimes one party is more involved in the business. The other party may not realize the full appreciation or depreciation of an asset over time, leading to incorrect valuations during divorce proceedings.
Business vehicles experience immediate and ongoing depreciation, especially if they are frequently used and have high mileage on the odometer. A delivery van that cost $30,000 three years ago may only be worth a few thousand dollars if it has 200,000 miles on it.
Technology advances quickly, which means computers, hardware, and software become obsolete quickly. After a few years, used office machines may be worth much less than their purchase price.
These are just a few examples of common business assets that an opposing party may overvalue during a divorce.
On the other end of the spectrum, consider commercial real estate. Business real estate, and nearly all real estate, tends to grow in value over time. While this is not always entirely accurate, the court must understand the actual value of commercial real estate and any liens against it.
The court may consider the purchase date of property, which can become a point of contention during a divorce. A detail-oriented business divorce attorney can help you navigate these waters to ensure you get the best outcome possible.
At Kimbrough Legal, PLLC, we proudly represent local business owners. Small businesses are the backbone of our community, and we recognize local entrepreneurs’ hard work and vision. We are ready to bring qualities of experience, attention to detail, diligence, and compassion to court. Contact us today to schedule your consultation with a divorce lawyer for business owners in Austin.
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