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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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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.
Kimbrough Legal, PLLC
5920 W. William Cannon Dr., Bldg 3, Ste 400
Austin, TX 78749
833-553-4251
https://kimbroughlegal.com/
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.
Kimbrough Legal, PLLC
5920 W. William Cannon Dr., Bldg 3, Ste 400
Austin, TX 78749
833-553-4251
https://kimbroughlegal.com/
