Trust
Experience.

  1. Home
  2.  » 
  3. Blog
  4.  » What happens to your business after divorce?

What happens to your business after divorce?

| Mar 1, 2021 | Blog, Family Law |

Are you planning to divorce your spouse? You may be wondering what to do about the business you own in Killeen, Texas. This is one of the chief assets that you can lay claim to during the property division process. You will need to consult with a lawyer in order to make sure that you can come to an agreement that will satisfy all parties involved.

What are the most common solutions?

When it comes to dealing with businesses and divorce, you have several options to consider. These typically include the following:

  • You can buy out your spouse in order to remain the sole owner of the business. This will involve negotiating with your spouse through a lawyer to arrive at a price that they will accept. You will need to make sure that you possess sufficient assets to take this step without plunging yourself into debt.
  • You can sell the business to a third party. This will involve agreeing to a sale price and then working through a lawyer through every step of the process. The proceeds must then be split in the agreed-upon manner as part of your divorce settlement.
  • You can remain co-owners of the business even after you have divorced. For obvious reasons, this is the least common option. However, with a bit of negotiation and legal backing, an agreement can be reached and subsequently adhered to.

What do you do next?

If you are a business owner in Texas, you naturally want to see this asset fairly dealt with during your divorce. Your best bet in this situation may be to engage the services of an experienced attorney. Your attorney may work with you on every detail to make sure that you receive a settlement that suits your needs.