I was asked recently about whether becoming a partner in a professional company creates community or separate property. The Husband worked for a firm prior to marriage and shortly before the marriage was offered a partnership interest in the firm. He and the firm signed the partnership agreement a few months prior to the marriage. After the marriage, he began receiving the benefits of the partnership agreement. Now, he and his wife are headed for divorce and he wonders if she is going to be entitled to part of his partnership interest.
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Business Interests
The disposition of business assets in a Texas divorce
By Michelle O'Neil on
Posted in Business Interests
Within the property division process, the Texas family law distinguishes community property from separate property.
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When Business Owners Divorce: The Importance of Business Valuations
By Michelle O'Neil on
Posted in Business Interests
What happens to the business in a divorce?
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Divorce and the Small Business Owner
By Michelle O'Neil on
Posted in Business Interests
Deborah L. Cohen writes for Reuters about Divorce and the impact on small businesses. Ms. Cohen points out that when small business owners go through a divorce, their attention is distracted from their business, causing financial impact on the business which may already be distressed due to the downturn in the economy.
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Divorce Business Valuation Article
By Michelle O'Neil on
Posted in Business Interests, Divorce
In most states the assets owned by an individual going through a divorce must be valued. This includes a business that one spouse may own. The value of the business may include both tangible assets and intangible assets. The majority of the value of the intangible assets may be related to “goodwill”.
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Why do we have to value my business to get divorced?
By Michelle O'Neil on
Posted in Business Interests
Frequently clients ask about their Dallas Texas divorce why we have to get a forensic CPA expert to value their closely-held business to get them divorced.
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Divorce Business Valuation Approach
By Michelle O'Neil on
Posted in Business Interests, Divorce
Calculating the value of a business can be one of the most important parts of a divorce because a closely-held business may be one of the most significant assets of the marital estate. The best approach to such valuation is to hire an independent business appraiser–a CPA with an Accredited in Business Valuation (ABV) credential or a certified professional, like a Certified Business Appraiser (CBA) or someone recognized by the American Society of Appraisers (ASA).
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Business Valuation in Divorce — List of Documents Needed
By Michelle O'Neil on
Posted in Business Interests
In any divorce where one of the spouses owns a business interest, that interest must be valued. Usually in Dallas County Texas divorces, the attorneys will hire a forensic business valuation expert with ABV accreditation to perform such valuation services.
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Minimizing Your Business Value in Divorce
By Michelle O'Neil on
Posted in Business Interests, Divorce
When spouses own a business and they are getting divorced, the value of the business becomes a major focus of the division of property. Dallas Texas Board Certified Divorce Lawyer Michelle May O’Neil explains the concepts of valuation of a closely-held business entity that affect and even minimize the value of a closely-held business entity:…
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Keeping Business Alive During Divorce
By Michelle O'Neil on
Posted in Business Interests, Divorce
Divorce is a hard enough time but when you own your own business, managing your divorce and keeping your business alive can be extra challenging. Here are some tips from Board Certified Dallas Family Lawyer Michelle May O’Neil of O’Neil Anderson…
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