A divorce can leave you feeling isolated and financially strapped. If you and your partner own a business together, it can make your divorce more complicated, more emotional, and more expensive. A skilled business valuation lawyer League City, TX can help protect your interest in the business if your marriage fails.
So, if you are going through a divorce, it is in your best interest to retain the services of an experienced business valuation lawyer. Why? Your lawyer will help to analyze your family business, determine the proper value of the business, and protect your interest. We do not recommend going through a divorce without a lawyer.
If you are in League City, let the savvy and experienced business valuation attorneys at Hannah Law, PC help you develop the most effective strategy to get the best possible outcome. We will work closely with you to determine your desired outcome. And we will do what we can to help you reach it.
Contact us today at 281-262-1311 to schedule your consultation.
What is a Business Valuation Lawyer?
A business valuation lawyer assists people in determining marital assets and determining the proper value of these assets. They also help to identify and value intangible assets. They mostly work with experts to determine the value of businesses.
What Information is Used to Determine Value?
If you want to get a fair share of your family business during your divorce, you should understand business valuation. You will have to consider various aspects of your family business, such as market position, assets, financial performance, and future earning potential, to determine the value of your business.
Information used to determine value:
The Asset-Based Approach
You will need to determine the net asset value of your family. How? You just calculate the total value of your family business’s assets minus the liabilities of your business. This approach, however, can overlook your family business’s future earning potential.
The Income Approach
You will use your family business’s income, cash flow, and profitability to predict the future cash flow and profits of your business. Therefore, if your family business has consistent and predictable earnings, you can use this approach to determine value.
The Market Value Approach
You will determine the value of your family business based on the value of businesses, that are similar to your business, which have been sold recently. You will, therefore, need to find comparable businesses. It can, however, be challenging to find comparable businesses.
If you want to save time and money, our knowledgeable business valuation lawyer can help you determine the value of your family business. Contact us today at 281-262-1311.
Why Is It Important to Hire a Business Valuation Lawyer During a Divorce?
Hiring a business valuation lawyer can help you understand and navigate Texas’ complex divorce laws and procedures. Your lawyer can protect your rights and interests. However, you need to hire the right lawyer. Here is the importance of hiring a business valuation lawyer during a divorce:
Accurate Valuation of Your Family Business
Your lawyer will work with experts to ensure an accurate valuation of your business. Remember, it is necessary to determine the proper value of your business before dividing the business. A skilled lawyer will determine the value of your business.
Protect Your Separate Assets
If you owned your business before marriage, your lawyer can help protect it. Therefore, your lawyer can help determine the separate property and marital assets. Remember, separate properties are excluded from the marital assets.
Minimize Tax Implications
Your lawyer will help you understand the tax implications of dividing a business after the divorce. You would, therefore, want to limit your tax liability. That is why you need strong legal representation.
What Happens to a Business in a Divorce?
Texas is a community property state. If you and your partner acquired a property during your marriage, the property will be considered a community property.
Therefore, if your business is considered community property, then it will be divided in the divorce.
However, if your business is a separate property, then it will not be divided in the divorce. You must, however, have evidence that shows that your business is separate.
How Can A Business Valuation Lawyer Can Help You?
If are going through a divorce and you own a business with your spouse, you need strong legal representation. Hiring a business valuation lawyer can help determine your business’s value and ensure you get a fair share. Your lawyer will ensure you are treated fairly during your divorce.
Provide Legal Guidance
A business valuation lawyer will help you through every step of your divorce process. Your lawyer will file paperwork, negotiate a settlement, and even represent you in court. They can even advise you on issues, such as property division, child support, and many more.
Correctly Identify Assets
It is crucial to correctly identify assets. Your separate properties should not be divided. However, if you cannot prove that they are separate properties, they will be divided. Your lawyer will, therefore, help protect your separate properties. How? They will correctly identify the assets.
Avoid Emotionally Charged Decisions
Divorce can be emotional. In fact, you will not be in the best shape to make decisions. So, you are more likely to make emotionally charged decisions during your divorce. You could end up regretting your decisions in the future. Your lawyer will ensure you do not make emotionally charged decisions.
Let Hannah Law, PC Help You!
You probably spend so much time and money building your business. You will, therefore, need to protect it during your divorce. The best way of doing so is by hiring a business valuation lawyer. Your lawyer will fight for what you are entitled to.
Hiring an experienced, skilled, and passionate business valuation lawyer can make the process a little bit easier. Lawyers have the necessary skills and resources to correctly identify assets, protect their client’s rights, and represent their clients in court. Your lawyer will make sure you get what is yours.
If you are searching for the best business valuation lawyers in League City, our lawyers at Hannah Law, PC are ready to meet you and show you what we can do to help. We will make sure your business is valued accurately. And we are ready to help you get the best possible outcome in your divorce.
Please call us today at 281-262-1311 to set up your initial consultation with our business valuation lawyer in League City, TX.
