Strategic Divorce Counsel For Texas Business Owners
Business owners face complex legal issues when they end their marriages. Whether you or your spouse own a professional practice, a family-owned business or other business interests, how the venture is addressed during your divorce and in your eventual property settlement may affect your long-term financial well-being.
At Albano Law, PLLC, in Plano, we are well-equipped to protect the rights of business owners by skillfully negotiating or litigating the division of property. As a Board-Certified Family Law Specialist*, Christine G. Albano understands when the examination of other areas of law — such as business, tax, contract and real property law, as well as business succession planning — becomes critical. She also has a network of business valuators, appraisers and forensic accountants that she calls on when necessary to ensure her client’s rights are protected.
Ms. Albano has been selected for inclusion in Texas Super Lawyers every year since 2011 and in Texas Super Lawyers’ Rising Stars from 2006 to 2010. She was also selected by her peers for inclusion in The Best Lawyers in America** 2014.
Ascertaining The Full And Fair Value Of Your Business
As your attorney, Ms. Albano will work diligently to determine and prove whether your business is separate property or community property. In Texas, community property must be divided equally, but this would not mean your business must be divided in half.
If your business is community property, your options may include devising a property division agreement to buy your spouse out; sell or dissolve the business; or structure a post-divorce agreement with your former spouse still involved in some capacity.
If your business is subject to division, an accurate business valuation is crucial. A business valuation is not always as simple as the spouse who is involved in the day-to-day operations listing the value of the business. This person may intentionally or unintentionally overstate or understate the calculation. If you accept his or her inaccurate valuation at face value, you might waive your rights to assets.
An adequate and impartial business valuation must not only take into account things like assets and liabilities, but also future earning potential and operational expenses and tax implications. While some small businesses may not necessitate an independent business appraisal, others do. As your law firm, we will work with you closely to assess the most appropriate courses of action regarding the future of your business and your property settlement.
Schedule A Confidential Legal Consultation
To discuss your concerns with our law firm, please contact us to schedule a confidential legal consultation. Should we represent you, we can also pursue options to keep your protected business information and the details of your case confidential. Call 972-987-0963 or submit this form to reach our office. We have offices in Plano, Frisco, McKinney and Allen.
*Christine G. Albano is Board-Certified in Family Law by the Texas Board of Legal Specialization.
**The Best Lawyers in America 2013. Copyright 2012 by Woodward/White, Inc., Aiken, SC