Posted on August 06, 2015 in Divorce

How your marital property is divided at divorce will affect your financial future for years to come. If you or your spouse owns a business in Texas, then the division of community property may be particularly complex. Following are three things to do if your divorce involves a business.

1. Obtain an accurate and comprehensive valuation.

Not fully accounting for the health of your business and its ability to provide future income can have a detrimental impact on your divorce settlement. The valuation of a business should account not only for tangible assets and debts, but also for the intangible value of the business' reputation and brand.

What you don't want is an inaccurate or short-sighted appraisal. This could prove costly for both parties, especially if you find yourself in a property-related dispute that requires resolution in court.

2. Consider the tax liability.

Often the tax implications are not immediately clear when dividing business assets and liabilities between divorcing spouses.

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