Being a business owner is a source of pride and achievement for many Texans. However, it takes time to start a business successfully, and spending long hours away from the family can take a toll on a marriage. With so much to worry about, it’s easy to become overwhelmed, but having the help of a family law attorney can make all the difference.
Does my ex-spouse have a claim to my company?
Community assets or property are generally divided evenly during a divorce. But are companies considered community property in Texas? For a judge to label a company as community or marital property, it must have been founded or acquired during the marriage. However, founders may not completely be in the clear just yet. In Texas, the other spouse may have a claim to the revenue earned throughout the marriage, even if the business itself is deemed separate property. Additionally, any business assets obtained in the marriage will most likely be subject to division.
Does being an entrepreneur impact custody time?
Simply being a business owner should not directly jeopardize a parent’s custody time in Texas. Courts generally want both parents to play an equal and beneficial role in the child’s life. The judge will also prioritize the child’s best interests when making custody decisions.
It can be difficult for an entrepreneur to secure equal parenting time when they are busy running their company on a daily basis. However, an owner who has a history of making time for their child can prove to the judge that they have the ability to balance their occupation and their parental duties. Lastly, it is also essential to know that custody plans are not set in stone and can be modified in the future.
Navigating the divorce process is never an easy task when children are involved. But, being a business owner can add another level of complexity to this process. With custody time, personal assets and company ownership at stake, it is essential for entrepreneurs to have a helping hand throughout this challenging time.