“If I get divorced, what happens to my business?”
That is one of the first questions that is asked when I meet with a small business owner who is contemplating getting a divorce in Texas. Business owners have special concerns when it comes to the issue of divorce. These high net worth individuals have to answer a series of questions in making such a determination.
For example – Was the business started prior to marriage or after marriage? Are there other shareholders? If so, what percentage of ownership does he have? Is there a shareholders agreement that addresses the issue of transfer of ownership in divorce? What percent of the company is commercial or personal goodwill?
These are pivotal questions that must be answered. Depending upon the answers determines whether or not the business is separate or community property. And, if it is community, what portion of it is subject to division.
Craig Fowler of Hammerle Finley has been dealing with these issues for decades. We can help when you face these daunting situations. Give us a call at 972-436-9300.