How Do I Stop My Spouse From Getting My Business After Divorce?

 Posted on February 26, 2024 in High Asset Divorce

Protecting your major assets like a business during a divorce can be a complex process, especially if your spouse has been involved with the business throughout your marriage. It takes an experienced Texas complex divorce lawyer to aggressively advocate for your rights and ensure that your desires to keep your business after your divorce are recognized.

The Impact of Divorce on Your Business

Divorce is a complicated process, and once you have decided to pursue a divorce in Texas, you may start worrying about how a divorce will impact your business. After all, the majority of divorces include the valuation of assets such as businesses or other properties, and your spouse may be fighting for an equal or majority division of some assets, depending on your specific divorce situation.

It is important to note that Texas is a community property state, which means that any property acquired during a marriage is subject to division equally among both parties in the case of divorce. However, businesses are generally left intact, and they will be awarded to one party during a divorce even if they are started jointly during a marriage. The spouse who is not awarded the business is typically awarded compensation in the amount of comparable assets.

How Can I Protect My Business in a Divorce?

If you have a business going into a marriage, you can protect it with a prenuptial agreement. Your agreement can state that in the case of a divorce, the business will remain in your possession. Alternatively, if you and your spouse entered into a business together after marriage, a postnuptial stating who may keep the business after a potential divorce can be helpful.

That being said, if you have a business that was started after marriage and no pre- or postnuptial agreement, then protecting your business becomes more complicated. You will need an experienced complex divorce lawyer to aggressively advocate for your interests in keeping the business. You will also need to make sure you receive a fair valuation of your business to determine an equal value of assets that your spouse might be awarded.

Contact a Travis County, TX Complex Divorce Lawyer

Negotiating to keep your business during a divorce is a complicated process, and this is something that you should not undertake alone. You will need a skilled Austin, TX complex divorce attorney on your side helping to fight for your right to maintain your business and receive a fair valuation of your assets.

Call Powers and Kerr, PLLC at 512-610-6199 for a consultation.