Many families begin their own business or professional practice which they
run together as husband or wife, or co-own. When a couple decides to
divorce, this can lead to excessive difficulty. How do you divide a business carefully
and fairly at the time of the divorce? Like any other asset, a business
or professional practice must be considered in the valuation process of
The Texas law mandates that the extent to which the business has been developed
during the marriage is all considered community property interest that
must be divided during divorce. The success of a business prior to marriage
is only attributed to the owner at that time.
In Texas, one of the most time consuming and tricky aspects of determining
the value of a business or professional practice is in evaluating the
"goodwill." This refers to the intangible value of a business
based on the company's established name or reputation. It is imperative
that professionals determine the goodwill value of a company prior to
dividing it fairly.
Normally, certified public accountants or business appraisers are hired
to determine the value of a business or professional practice. These professionals
will review the books and records of a business or practice and prepare
a written report as necessary. This report can be used to choose the fairest
division of property. Many divorcees want to divide a business in a way
that best preserves the life of the business.
If you are going through a divorce that involves splitting a professional
practice, then you need to contact a skilled
Plano divorce lawyer at the Zendeh Del Law Firm, PLLC. A Plano divorce attorney at our firm will
help you to carefully divide your assets and business so that you will
not jeopardize the success of the company.