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Protecting the assets of women entrepreneurs during divorce

For female entrepreneurs going through a divorce, it is difficult enough to separate personal finances and assets. Adding a business to the mix can turn an already complex situation into a nightmare. Texas state law governs how business ownership and entitlement is mediated between spouses, which makes it critical to have a complete understanding of what the business is truly worth in a divorce.

The process of valuating the business should happen before any negotiations take place in order to avoid a financial hit. In most cases, an independent appraisal will need to be conducted to provide a true value of the asset that will consider the financial worth of the company on paper as well as any intangible factors such as the reputation of the business and how well-known it is in the community.

If one spouse was not actively involved in the day-to-day operations of the business, it is imperative to gain an understanding of all financial dealings of the company. Loans and other financial obligations could have been made without the knowledge of the less-involved spouse, and this would have an enormous impact on determining who would continue to be financially responsible for those loans.

It is also important to prove contributions made to the business. If the divorcing spouse was a definitive partner in the company, steps were probably taken to determine how the asset should be divided in the event of a divorce before the company was even formed. However, for those who were not named partners, any contribution of time or money should be proven in order to establish a proper interest.

For those involved in a high-asset divorce, emotions can run high and further complicate matters. Beyond the business, there may also be child custody issues or a prenuptial agreement to contend with. Seeking the counsel of an experienced divorce attorney might bring clarity to a difficult situation. The attorney may work to protect what rightfully belongs to the divorcing spouse and help create a sound financial future for the family.

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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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