Experienced Family Lawyers in Denton County, TX

When a couple divorces and a family-owned business is involved, the division of the business can go in one of several directions, and any number of issues may be disputed. For instance:

• A judge may order that the business be divided equally.
• A dispute may arise regarding the valuation of the business.
• A spouse may attempt to obtain part ownership in the business.

The result of negotiations or litigation can greatly affect the assets of either party after the divorce is finalized. If you are divorcing and wish to protect your interests in a family-owned business, it is essential that you obtain qualified, knowledgeable and aggressive legal help.

At the Lewisville, Texas, North Texas Family Lawyers, we have represented spouses’ interests in businesses for decades. We draw on our vast experience and work with our certified divorce financial planning expert to maximize clients’ assets during the division of complex property. We can work effectively to maximize or minimize a cash pay out for a business, fight for your exclusive ownership of a business or otherwise protect your interests.

Was your business yours exclusively before your marriage? Did your spouse make only minor contributions to your business, or did you contribute heavily toward your spouse’s business?

We have resolved cases in which businesses have been declared the sole possession of one spouse, and we have succeeded in limiting a spouse’s payout to just the appreciated value of the business during the length of the marriage. We have worked with countless business owners and owners of professional practices and can work effectively to protect your interests. For more information, please contact a Lewisville business valuation lawyer at our firm.

What Is the Value of Your Practice? How Do You Put a Value on a Career?

The valuation of professional practices is a critical part of your divorce. Without effective legal representation, professional practice owners may lose a significant portion of their business, and spouses of business owners may not receive their fair share.

To obtain the legal help you need to ensure a fair outcome regarding the valuation of a professional practice, contact the Lewisville, Texas, North Texas Family Lawyers. Few law firms in the Dallas area can match our:

• Experience. Our six attorneys have decades of years of family law experience
• Focus. Our firm practices family law exclusively, including wills, trusts, guardianship, probate and estate planning.
• Credentials. Our team includes three attorneys who are Board Certified by the Texas Board of Legal Specialization in Family Law and two lawyers included on the Texas Super Lawyers lists. Also, our firm is AV-rated by Martindale Hubbell.
• Creativity. We provide tailored solutions and provide legal assistance ranging from amicable negotiations to aggressive courtroom litigation.
• Access to expertise. We work with a certified divorce financial planning expert who is highly skilled regarding the valuation of businesses and assets.

Professional practices involve more than office equipment and real property. We are skilled at determining the future value of professional licenses, intellectual property, client bases and more. For more information regarding valuing professional practices during divorce, please contact a Lewisville business valuation lawyer at our firm.

According to a recent Bowling Green State University study, married women in dual-income households are not only contributing more to total household incomes, but a growing number of women are also out-earning their respective husbands.

Given the fact that husbands have historically been the main breadwinners in a marriage, this upward trend in wives’ incomes may be signaling a reversal of traditional marital income streams – or at least a balancing out.

Interestingly, for high-earning wives considering a divorce, this increase in their share of household income may also impact how they approach and handle the ending of their marriages.

Income Study and Potential Changes to Wives’ Divorce Considerations

Researchers involved in the recent study discovered that wives in dual-earning couples were contributing, on average, 40 percent to total household income in 2011 – compared to only 30 percent in 2006. Moreover, the study found that more wives were beginning to earn more than their husbands, which was defined as earning at least 60 percent of the household income. Specifically, roughly 16 percent of woman out-earned their husbands in 2011 – an increase from only 13 percent five years earlier.

While the number of wives who out-earn their husbands still occurs far less than in the majority of marriages, the recent study indicates that it is becoming much more common than in years past. And, for those women who do in fact earn more, they will likely face unique circumstances if they ever decide to seek a divorce.

For instance, in years past women often sought spousal support payments during a divorce since many wives earned less than their husbands. But, in marriages in which the woman earns more, she needs to be aware that she will likely not only be ineligible for spousal support, but that her husband may seek these payments from her instead.

Accordingly, for high income-earning women it is often best to consider the possibility of divorce before even getting married in the first place – which can be done by drafting a prenuptial agreement. A prenuptial agreement can help ensure a woman’s assets are protected from a disproportional division if her marriage ever ends in divorce.

However, these divorce considerations are not specific to women. They are applicable to anyone who is concerned about asset division should the marriage end in divorce – both women and men. Thus, if you are currently about to get married and want to ensure your assets are protected as much as possible, or already married and considering a divorce, it is often advisable to speak with an experienced family law attorney who can help defend your interests and outline your options given your particular circumstances.

Understanding the differences between community and separate property may make the divorce process easier for some couples.

One of the most difficult topics to deal with in a Texas divorce case is that of property division. After years or even decades of marriage, the thought of distributing all of the property and assets that were accumulated throughout the marriage may seem overwhelming. Texas is a community property state, meaning that in most cases, all marital property is divided equally in half between spouses. However, not all property and assets are considered community property. When people understand the differences between marital and separate property, they can increase the likelihood that they will get everything they deserve in the divorce settlement.

Marital property

When people think of marital or community property, they may think of the family home, vehicles, furniture and bank account funds. Marital property, however, encompasses everything that the couple has amassed during their marriage. According to Forbes, it isn’t uncommon for couples to overlook certain marital funds, such as insurance policies, 401k plans, pensions, stock and other investments. Non-traditional items, such as expensive antique collections, art, wine, coins, horses or classic cars are also considered marital if they were acquired while the couple was married. Even elite golf course memberships, cemetery plots and funds derived from trademarks, copyrights and patents may be divided in a divorce settlement. Gifts that spouses gave to one another during the marriage may be considered community property as well.

Separate property

Certain property and/or assets that a person receives prior to and during the marriage may remain solely with the original owner. For example, a person who receives inheritance money before or during a marriage and keeps that money separate from marital funds, may be exempt from having to split those funds in the divorce settlement. According to Texas statutes, separate property may also include the following:

• Money received from personal injuries
• Property owned prior to the marriage
• Money acquired from separate property, such as equity or interest earned
• Third-party gifts given to either spouse before or during the marriage

When the other spouse is added to a property title, or the separate funds are deposited into a joint bank account with other spouse, the items may become marital, and therefore, eligible for division.

Receive what is rightfully yours

Going through the divorce process can be emotionally and financially trying. Many people may find that the process of creating a fair and just divorce settlement can be extremely difficult and overwhelming. Whether you are thinking of filing for divorce, or you have been facing a court battle and need additional legal assistance, you may want to speak to a family attorney who understands how divorce works in Texas.

Professional practices are subject to ownership division upon divorce in many instances. If you have worked hard to build a thriving practice, who can help ensure that the practice’s value won’t be inflated when property is allocated during divorce? And if your spouse owns a professional practice, which law firm has the experience and resources to ensure your interests are protected and your ownership share is maximized?

The family law and property division lawyers of North Texas Family Lawyers have handled hundreds of divorce cases involving the valuation of professional practices and the division of high-value property. We assist both licensed professionals and spouses in accurately appraising fair values for professional practices and licenses, and in fairly dividing marital property.

At North Texas Family Lawyers, we draw on decades of combined years of legal experience to answer key questions when determining the value of professional practices, including:

• What factors contributed to the success of the practice?
• Has the business appreciated?
• What are the practice’s tax obligations and debts?
• What is the value of the business’s real estate property and intellectual property?

Our extensive experience is complemented by input from our certified divorce financial planning expert, who was recently listed as “One of the Best Financial Planners in Dallas” and who has numerous credentials and licensures related to divorce and property division law. For more information, please contact our firm.