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Divorce and business owners

A divorce can be one of the more difficult experiences anyone may encounter, but Texas business owners should be especially aware of the way that the end of a marriage can affect their business enterprise. Texas is a community property state, and thus marital assets will generally be divided equally by the court unless the parties can otherwise agree.

Many entrepreneurs may think that a business that they started before getting married is solely their property, but this is not true. Courts will in most cases treat the portion of a company's value that occurred while a couple was married to be marital property that is subject to division.

Accordingly, a fair and open accounting is the best way forward for an entrepreneur who is getting a divorce. Although there may certainly be a temptation to rearrange funding and structure accounts so as to make the business appear to be worth less than it actually is, a forensic accountant can often discover this type of wrongdoing, and a judge may very well look unkindly upon a spouse who is trying to conceal their earnings and restrict their spouse's rightful access to the marital funds. This is often seen as an even more serious matter when there are children involved.

The end of a marriage comes with a variety of divorce legal issues, but property division is often one of the most contentious. A business owner who is contemplating a divorce may want to have the assistance of a family law attorney in negotiating a comprehensive settlement agreement that can then be submitted to the court for its approval.

Source: Good Men Project, "What Entrepreneurs Need to Know Before a Divorce", Justin Creed, Oct. 26, 2015

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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