Last week we wrote about the unfortunate possibility that some spouses might try to hide assets from a divorce settlement. The best thing to do, as we said, is to be aware of how assets are categorized and which assets you are entitled to. So let's discuss other types of assets (or debts) that should be accounted for in the division of marital property in Texas.
Recently, wedding fashion icon Vera Wang announced her upcoming divorce from her husband of over 20 years. Since wedding dresses have been the cornerstone of her fashion empire, some wonder if she may lose some business, being that happily ever after did not happen the way she planned. Others continue to trust her designs and focus on her product not her personal life. There are many different perspectives to look at. As a famous designer, Wang's name is also her brand. It's possible that if her spouse holds a greater responsibility for the breakup, he is damaging her brand, which may affect her future income potential. On the other hand, the marriage and Wang's husband's support of her business could lead to a property division decision in which Wang's ex gets some of the business value. It's very possible, however, that the couple came up with a contract regarding how the business would be affected by a potential divorce.
The traditions of relationships, love and marriage change over time. Couples wait longer to get married these days, meaning that they might already be living together and be bringing money (or debt) into the marriage. They are more established in their lives and, therefore, likely have more business and money matters to clarify before getting married in order to prepare for a potential divorce.
Small business owners wonder whether the company will survive a divorce. Part one of this post covered ways you can protect your business long before you contemplate divorce. It also discussed the concepts of separate property and marital property and how courts categorize your business. Finally we touched on how courts in different states treat the division of marital property. In this post, we'll get into the details about business valuation and division.4. ValuationWhen it comes to valuing your family business, a team approach is best. Your divorce attorney is the team captain. Your attorney is your mouthpiece in dealings with the court and your spouse's lawyer. Your lawyer's job is to get the best possible result for you in the divorce.
Does the end of your marriage have to mean the end of your family business? Not necessarily. In Texas, with careful planning, the right team and a little luck, a small family business can survive separation and divorce.The outcome of a divorce depends on the facts and circumstances of each individual situation. No blog post can tell you everything you need to know about small business and divorce, and no blog can substitute for professional, case-specific legal advice. But in this two-part post, you'll learn the five things you must know about what can happen to your small business when you get divorced.
In our last post, we shared that the second man to walk on the moon, Buzz Aldrin, filed to divorce his third wife, Lois Driggs Aldrin. He cited "irreconcilable differences" as the reason for the split, while more details than that were unavailable - until today.