If one or both of us owns our own business, what will happen to it?
Hi, I'm Tycha Kimbrough. If you're going through a divorce and if you or your spouse owns a business, you may be wondering what is going to happen to the business. It really depends on the legal structure and the ownership of the business. It is also important to note that unlike many other states, Texas is a community property state. So that means that income that is obtained from the business belongs to both spouses so that income can be divided between both spouses.
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Kimbrough Legal, PLLC
5920 W. William Cannon Dr., Bldg 3, Ste 400
Austin, TX 78749