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Austin Divorce Lawyers Protecting Family Businesses and Professional Practices

austin tx divorce lawyers

Helping Clients Through High-Asset Divorce Matters in Georgetown and Throughout Travis County

If you have ownership of or interest in a family business or professional practice, going through a divorce can put the future of that business or practice in doubt. You may have devoted countless years of your life to building your career, and to you, your business is more than just an asset — it is your livelihood. To ensure that your life's work remains intact during your divorce, you will need to work with a divorce attorney who is experienced in protecting these assets.

At Powers Kerr & Rashidi, PLLC, we are committed to fighting for the rights and interests of every client we serve. Our attorneys have established a strong track record of success in complex divorce and family law cases, and we have helped thousands of clients protect their family businesses and professional practices during litigation.

Ensuring a Fair Business Valuation

One of the main difficulties associated with divorces involving family businesses or professional practices is determining the values of the entities. The spouse wanting to retain ownership of the business will aspire to make sure that the final valuation is not inflated, while the other party will pursue as high of an appraisement as possible. For this reason, it is an especially good idea to hire outside professionals (such as accountants and business appraisers) who can provide justifiable, objective valuations.

Another issue to consider in these cases is how involved your spouse is in the operation of the business, and if outside partners may be impacted by the dissolution of your marriage. If, for example, your spouse wants to maintain a role in the business contrary to the wishes of your partners, then you will need expert advice on how to resolve this added complication.

Protect your Business or Practice with a Prenuptial or Postnuptial Agreement

Texas is a community property state, so, absent written agreements to the contrary, property will generally be considered to be owned equally by both spouses. If your goal is to protect your business or practice from a potential future division between you and your spouse, then you should consult with one of our attorneys regarding a prenuptial or postnuptial agreement. Such agreements can ensure that the critical assets you have worked so hard to create are preserved in the event of a divorce.

If you are facing a divorce and have a family business or professional practice you are concerned about losing, we are here to help. Our attorneys are skilled litigators and strong negotiators, and we know what it takes to successfully navigate the complexities of divorce proceedings involving business assets. For a personalized consultation, contact our office today at 512-610-6199.

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