Business Owner’s Guide to a Divorce

Guide To Divorce In TexasToday’s business owners are not the mom and pop type of yesterday. They must be business savvy, up on market trends and vigilant about their social media presence. A divorce can have a devastating effect on a thriving business if not handled correctly. A business owner contemplating a divorce in Texas should consider the following items before beginning the divorce process.Community v. Separate Property The first concern for any Texas business owner is to determine the characterization of any company. If the company was created or purchased prior to the date of marriage, or if it was inherited during the marriage, then it is considered separate property and is not subject to division during a Texas divorce. The spouse that owns that separate property must provide documentation evidencing that it was either inherited or created prior to the date of marriage, so a business owner will need to provide to their legal team documents evidencing the…

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