While it may not be pleasant to think about, sometimes a divorce can have a dramatic impact on a Texas business if it is owned by both spouses. Sometimes a couple may have a lot of their wealth tied up in the business, which can result in the company being sold to make a settlement. A recent article by Marketwatch lays out possible ways you can protect a business you partially own from the consequences of a divorce.
When you go through a divorce, part of the process includes asset division. Some assets are easier to divide than others. For example, a car is easier to figure out than a business. If you have an ownership interest in a company, how do you distribute that? Will your spouse automatically get half of it?
You often hear stories of divorce cases in San Antonio devolving into bitter disputes that take years to resolve. Yet not all cases proceed this way. If you and your spouse are able to work through the issues surrounding the end of your marriage amicably, yours may qualify as an uncontested divorce. Such cases (which are also known as simplified divorces) are often able to be resolved much faster than a traditional divorce case, and with less paperwork and potentially fewer fees. However, your case must meet certain criteria in order to qualify.
Prenuptial agreements can offer peace of mind that you will be protected if your marriage dissolves, but mistakes made during the creation of the document can sometimes make the contract invalid. There are many different types of errors that can be made and might cause the document to be discounted by a judge.
When married couples who have been in business together in San Antonio choose to divorce, the issues of property and asset division (which can already be quite involved even in traditional cases) become that much more complex. Business assets now become marital assets, and the conduct of each party regarding their roles with their companies may be placed under a microscope. Any alleged improprieties on the part of one that adversely impact the performance of the business may end up leaving him or her liable for additional assets to be paid to his or her ex-spouse as compensation.
Those who come to see us here at The Law Office of Roland R. Esparza, P.C. as they prepare for their divorces in San Antonio often have their minds preoccupied with traditional divorce-related matters such as child support, alimony and property division. If this describes your current scenario, then your preoccupation is understandable. It is important to remember, however, to not overlook one other important aspect of your life that will most certainly be affected by your pending divorce: your life insurance. The Insurance Information Institute reports that 60 percent of all Americans are covered under some form of life insurance plan. Yet many forget to address this topic during their divorces.
When married couples in San Antonio choose to separate, one of the first issues that may become a point of contention is the division of their property. Both sides involved in a property division dispute may feel as though their reasons for wanting a particular asset or piece of property are just, and thus something to fight for. That reasoning may be due to any number of factors ranging from potential resale value to the amount of time and effort put into securing and/or managing it. In some cases, it may even come down to a matter of emotional significance.
Domestic abuse may be among the chief reasons why couples in San Antonio may choose to get a divorce. At the same time, some may cite that as the reason why they choose not to. Their fears may be that the abuse they have suffered will continue even after the dissolution of their marriages, particularly if they are forced to continue to interact with their abusers to raise their children. In either case, victims of spousal abuse (as well as accused abusers) should understand the implications that such actions may have on divorce proceedings.
Many of the clients that come to see us here at The Law Office of Roland R. Esparza, P.C. after having decided to divorce their spouses in San Antonio often believe that an automatic benefit that comes with such a decision is alimony. If you have the same assumption, you should know that alimony is not something you are simply entitled to following your divorce, but rather a benefit that may be given only after the court considers several factors.
Many may have the idea that San Antonio couples do not need a reason to end their marriages. The truth, however, is that if you are seeking a divorce, Texas law requires that you have a valid reason for doing so. Almost all states have well-defined scenarios that constitute valid grounds for divorce. The one that you cite as the reason for ending your marriage will determine of yours will be considered an at-fault or no-fault divorce.