Tag: Valuing a business

How long does a divorce take in Texas

Divorce in Texas: Done in 60 Days?

How Long will your Texas Divorce Process take?  

If you are going through a divorce in Houston,Texas or any other city in this state, you very likely want to get through this difficult period in your life as quickly as you reasonably can. While every divorce is unique to its own set of circumstances and will follow its own timeline, there are some contributing factors that can help you estimate how long it will likely take to finalize your divorce. Divorce is complicated; if you are facing a divorce, seek the professional legal guidance of an experienced Houston divorce lawyer today.

Read our Houston Family Law Blog articles  “Frequently Asked Questions about Divorce in Texas” and “Texas Divorce: The Basics

Key Factors to Consider with Your Divorce

There are six key factors that can all play a significant role in how long it will most likely take you to process through your divorce in Texas.

1. The Mandatory Waiting Period for Divorce in Texas

There is a mandatory waiting period of 60 days after filing for divorce in Texas. Although judges can waive this requirement, they rarely do so – typically only extreme circumstances, such as an imminent deployment, warrant such a waiver.

2. Child Custody Arrangements

If children are involved, it’s likely to slow down the process. Both parents naturally want what’s best for their children, and child custody arrangements are typically the number one issue of concern for divorces involving children. Unfortunately, both parents don’t always agree on what’s best for their children post-divorce. If you and your spouse can’t agree on the matter, the court will do it for you, and this can become a lengthy process because it involves the court ascertaining what it determines to be in the children’s best interests. In Texas, your divorce cannot be finalized until child custody arrangements are addressed.

3. Uncontested Divorce

If you and your divorcing spouse agree about the major components of your divorce, including child custody arrangements, the division of marital property, and other financial issues, your “uncontested divorce” is far more likely to move forward quickly. It’s important to recognize, however, that divorce is fraught with emotion and stress, and a divorce that begins amicably enough can quickly head in a much more contentious direction. If you can hammer out the important details about your divorce with your spouse, you’ll be well on your way to streamlining the process.

See our article, “Uncontested Divorce: Doing it the Nice Way

4. Contested Divorce

While the division of marital property and child custody arrangements are typically the two most complicated divorce issues, there are myriad details involved, and if one or the other of you decides to drag his or her heels or to make waves about minor details, the divorce process could go on for an extended period of time. Contested divorces can be emotional, and it can make otherwise reasonable people do exceedingly unreasonable things. There is only so much that you can control in a divorce, and if your soon-to-be ex takes it upon him or herself to drag things out, there is probably very little you can do about it. Often, choosing your battles and letting go of minor skirmishes is the best path forward. Your experienced Houston divorce lawyer will help you better understand those decisions that matter and those that are less important.

5. Owning an Dividing a Business during Divorce

If you and your divorcing spouse own a business together, it complicates things and will almost certainly slow the divorce process. It’s exceedingly difficult to put an absolute value on a business because there are typically so many variables to consider. It can be more difficult still for both of you to come to an agreement on that value. Further, if one or the other of you is walking away from the business, it can lead to further emotional upheaval. Often, the best way forward is to agree with your spouse about whom to hire as a business valuator and to agree to proceed with the value that’s forthcoming.

Owning a business can provide an unscrupulous spouse with more opportunities to hide assets. The intricacies inherent to running a business provide ample avenues in which to obfuscate financially. If you are going through a divorce that involves a family business, you need a skilled Houston divorce attorney who has extensive experience with such cases.

Readers also read the related Houston Family Law Blog article, “Divorcee and Property Division in Texas: What Happens to the Family Business

6. High Asset Divorce in Texas

If you are embarking upon a divorce involving high assets, it’s going to slow the process down considerably, but protecting your rights is far more important than expediency in such a situation. The higher your assets, the more complicated your finances are likely to be, and the more work involved in the division of marital property. In Texas, your marital property won’t necessarily be divided evenly between you, but instead, the court – with its extensive discretion – will determine a division that is “just and right.” Obviously, the court’s determination of what is just and right may not coincide with your own. High assets in a marriage – which often involves owning a business – means that there is more wiggle room for an underhanded spouse to hide assets and to generally make it more difficult for your marital property to be divided fairly. If significant assets are involved, it’s imperative that you work closely with a dedicated Houston divorce attorney. This is no time to be in a rush.

You may also want to read, “Property and Debt Division in Texas, What you Should Know

If You Are Going through a Divorce, You Need an Experienced Houston Divorce Lawyer

Every divorce follows its own path to finalization, and sometimes it’s difficult to predict which divorce will proceed apace and which will falter. If you are facing a Texas divorce, you need professional legal counsel, and the dedicated divorce lawyers at the Rudisel Law Firm, P.C., in Houston, are here to help. Divorce is never easy, and you naturally want yours to be finalized as quickly as reasonably possible. It’s important to remember, however, that your final divorce decree will have significant implications for you and your children’s financial futures. Work closely with your experienced divorce lawyer to ensure that your rights are well protected. Our dedicated legal team has the skill, knowledge, and determination to aggressively advocate for your best interests throughout the divorce process. Your case matters, so please contact or call us at 713-781-7775 for more information today.

Dividing a Business in Texas Divorce

Divorce and Property Division in Texas: What Happens to the Family Business?

This blog posts discusses divorce and property division where a business is involved in a Texas Divorce. Divorce can be complicated. After the issue of child custody arrangements, the division of marital property usually tops the list of complications. A family business can make an already complicated process that much more difficult. A family business is often a symbol of all the hard work and commitment you have put into both your family and your career, and walking away can be especially painful. If you are facing a divorce and you own a family business, you need an experienced Houston divorce attorney.

What is Martial Property in Texas?

In Texas, the property you acquire during your marriage is generally considered marital property. Marital property is divided between you and your divorcing spouse in a way that the court deems “just and right.” (See Texas Family Code 7.001). Suffice to say, however, that the court’s determination of what is just and right may be odds with your ideas of how to divide your property. Coming to terms with the outcome can be especially difficult. Unless you and your spouse are able to hammer out an agreement related to your business, the court will make the determination for you.

Read this blog post to learn more about “Property and Debt Division in Texas: What you should Know.

How Do I Value the Family Business in a Texas Divorce?

It is difficult to come to an equitable division of a family business in a divorce if you do not have an accurate valuation of that business. The thing about business valuations, however, is that they can vary widely. While reputable business valuators should ultimately come to similar values, there is plenty of room for your spouse to bolster the business’s value or to minimize the business’s value – depending upon his or her motivations. In other words, obtaining one business valuation that accurately reflects your business’s value and that both of you can agree upon can be a challenge. If you own a business chances are you have substantial assets.  For a more detailed discussion, check out our article “High Asset Divorce in Texas, What you Need to Know“.

Businesses are Sometimes More than Monetary Value

When your divorce involves a business, it is essential to recognize that the business likely has more than just monetary value. If you are involved in running the business, it is probably a labor of love that can be difficult to monetize. Further, the business provides you with a career and a means of supporting your family. This is something that a check written for an amount that equals roughly half the business’s value simply cannot do. If you are facing a divorce that involves a family business, there is a lot to consider.

Options for Dividing a Family Business in a Texas Divorce

If your business is a going concern that provides for your family, you have options when it comes to your divorce:

• You can continue running the business as business partners who are not married. If you ran the business together as a married couple, you still have the requisite experience, skill, and commitment to doing so that you had before you were divorced. However, if your divorce is plagued by acrimony – which nearly any divorce can devolve into – this path forward is unlikely to be successful.

• You can sell the business and split the proceeds. While this is often the cleanest approach, it has its own inherent difficulties. The proceeds from such a sale can vary widely due to a fluctuating market and to your ability to find the right buyer at the right time. Ultimately, selling for the sole purpose of divorce can be a financial setback.

• One of you can buy the other’s interest in the business. This option makes a lot of sense because it provides the business with continuity of ownership, it guarantees that the business will continue to be competently managed, and it bypasses the need to worry about the market and to find the right buyer right now.

The difficulty with this option is that it can be very hard to walk away from a business that you have worked so hard to manage and grow. Additionally, if your business continues on the successful path that you have helped set it on, your ex-spouse is likely to reap greater rewards (than you may have been compensated for) by selling in a strong market to the right buyer, which could take years but could also happen soon after the divorce.

When it comes to divorce and your family business, there are so many angles to consider that it is nearly impossible to formulate a “right” answer. Instead, a dedicated divorce attorney will help you see the big picture, will help you determine what options are likely to work best for you and your children, and will help you move forward with purpose – knowing that you have made informed decisions in your pursuit of life after divorce.

The Family Business and Mediation

If your divorce does proceed to court, the judge will determine how the division of your family business will be handled, and this is generally not in your best interests. If you and your divorcing spouse – with the guidance of your respective attorneys – cannot come to an agreement that is somewhat mutually satisfactory, formal mediation can help. The neutral mediator in the process will help both of you better understand exactly what your options are and what will likely happen if you take the matter to court. Hammering out a decision together that helps preserve the integrity of the business you built together can be an important step forward in the divorce process in Texas.

Divorce being what it is, however, mediation does not always accomplish its intended results. Your experienced Houston divorce attorney will work closely with you throughout the process and will help you keep your eyes trained for what is best for you and your children – whether that means continuing with the mediation process or proceeding to court.

Read this blog post for more information on mediation: “Houston Divorce Mediation and why it is better than Trial

If You Are Facing a Divorce that Involves a Family Business, You Need an Experienced Houston Divorce Attorney

Few things complicate a divorce more than a family business, but experienced legal counsel will help you find a solution that works for you. The dedicated legal professionals at Rudisel Law Firm, P.C., have the experience and fortitude to fight for your case’s best possible resolution. We care about your case, and we are here to help, so please fill out an online evaluation using the “Contact Us” link in the menu or call us at 713-781-7775 today.

Please read the articles below for more valuable information on the process of divorce in Texas.

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