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Plano Divorce Attorney for Business Owners

If you are a business owner, you may have spent years of effort and made significant financial investments to build a successful company. Your business is a valuable asset, and it may also be your primary source of income. This means that you will want to do everything you can to avoid any issues that could affect your business in a potential divorce. Understanding the ways you can protect your business will help you make sure you will be able to continue to own and operate it in the years to come.

Pre-Divorce Methods of Business Protection

Ideally, you will want to address the ownership of business interests well before divorce becomes an issue. If you own a business before getting married, you may wish to create a prenuptial agreement that will protect your business assets and ensure that you will be able to maintain ownership of the business if your marriage ends. If you start or acquire a business during your marriage, you can create a postnuptial agreement that will detail how ownership of the business will be handled if you get divorced. These agreements can help you avoid a great deal of uncertainty if divorce becomes a possibility while providing you with the reassurance that your business will remain intact, no matter what happens.

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Plano divorce attorneysAccording to most experts, the overall divorce rate in the United States is on the decline. However, the divorce rate for individuals over age 50 has doubled in the last several decades. Older individuals who divorce deal with a much different set of challenges than younger couples. Furthermore, the financial impact of divorce is often much greater for older adults than younger adults. If you are over age 50 and you are considering divorce, make sure to keep the following considerations in mind.

Property Division in a “Gray Divorce”

Divorce involving spouses nearing retirement age has been nick-named “gray divorce.” Individuals in their 50s, 60s, and 70s, have decades worth of accumulated assets. Many individuals entering into a grey divorce also own complex assets like investments, real estate, small businesses, and professional practices. Whether property division is resolved through an out-of-court agreement or litigation, assets must be accurately valued before they can be divided.

In addition to valuing assets, the identity of the property must be determined. Per Texas law, property and debt that is accumulated by either spouse during the marriage is community property. Assets acquired through inheritance or gift are exceptions to this rule. Separate property includes property that a spouse owned prior to getting married. Both spouses are entitled to a fair share of property classified as community property.

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