PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Divorce in the New Year: Protecting Your Business

On the other hand, some people use the beginning of a new year to make new personal beginnings, such as ending their marriage.

2011-01-04
January 04, 2011 (Press-News.org) January is the month of renewal - closing the door on the negativity of the prior year and planning for the challenges of the new year. Many commit to weight loss, exercise, or stopping smoking at the start of a new year as an opportunity to make improvements in their lives. On the other hand, some people use the beginning of a new year to make new personal beginnings, such as ending their marriage.

Planning for a divorce and new life may seem daunting. Not knowing what to expect can be scary and frustrating. In a Texas Divorce, specific requirements must be met before someone will even be allowed to file for divorce. For example, a spouse must live in Texas for 6 months and in a particular county for 90 days to qualify to file for divorce in Texas and in that county.

When going through the divorce, marital assets and debts will need to be divided between the parties. Some people enter into a premarital agreement when they get married to ease the divorce process and define the division of assets and debts in the event of divorce. But, some spouses are unable to agree in advance as to the division of marital property upon divorce in Texas which can lead to contested litigation. Also, some parents are unable to agree regarding each parent's role with their children after divorce. Child custody issues can become expensive and time-consuming.

For those spouses who own a business as a marital asset, getting divorced and reaching a fair division of the marital estate can be even more complicated. A business entity is a separate marital asset - the individual assets and debts owned by the business are not part of the marital estate, only the entity as a collective whole. The first step in dividing a marital estate that contains a business entity involves establishing when the business was started. If it was formed prior to the marriage, it may not be community property under Texas marital property law. However, any changes to the organization, such as the entity type or owners may alter the initial characterization of the business as separate or community property.

After determining that the business is community property under Texas marital property law, the second step is to figure the business's monetary value to the community estate. A CPA or business valuation expert will evaluate and establish the value of the business for property division purposes. It is recommended that the CPA be certified by the American Institute of CPAs in Business Valuations. The value will depend on many different factors, including the amount of assets the business has, properties that the business own, current customers, intangible goodwill, as well as other financial information.

Practically speaking, while the divorce works through the process, the business will need to continue to operate. Owner spouses need to know what to do to protect their investments while the divorce process is ongoing. This becomes even more important if both spouses work at the company and agreements need to be in place regarding each spouse's rights, duties and responsibilities regarding running the business.

Once there is evidence of the assets and debts contained within the community estate as well as the value of each asset and debt, the parties by agreement, or the judge after a trial, will work to achieve a fair division of the assets and debts between the parties. The division does not have to involve a split of each asset and debt, but will contemplate an overall fair division. One spouse will receive certain assets, the other spouse will receive other assets, each spouse will be allocated certain joint debts, and each party will be assessed the debts in their name only.

If you are considering a divorce or have been served with divorce papers, contact an experienced divorce attorney, especially if you own a business. The decisions you make during this process could impact not only your personal financial freedom but also your business's bottom line. You need to know what will be considered in the final split of the marital assets and debts.

Article provided by O'Neil Attorneys Family Law
Visit us at www.themayfirm.com


ELSE PRESS RELEASES FROM THIS DATE:

Marriage, Mortgage and Divorce: Strategies for a Secure Future

2011-01-04
Many homeowners have faced challenges in recent years, from lost jobs to plummeting home values. But life goes on in the midst of adversity, and issues such as divorce can add complexity to a host of financial issues. With wise planning and realistic negotiating positions, couples can usually figure out a way to fairly factor a home's value into the property division aspect of divorce. While many couples will decide that one spouse will retain possession of the home, sometimes an outright sale is the most prudent strategy, particularly if financial difficulties have ...

The Kids Are All Right: Be Prepared and Protect Children's Best Interest

2011-01-04
Whether you are facing a child custody dispute or anticipate coming to a relatively straightforward agreement regarding parenting your children, it is likely that you plan to meet with an attorney. While the legal process may seem daunting, keep in mind that the more thoroughly you prepare, the more easily you will be able to devise a suitable parenting plan. Texas law clearly states that the best interest of the child is the main factor the court will look at in making custody decisions. Accordingly, Texas strives to ensure that a child has contact with both parents ...

Is there a Doctor in the Team? The Use of Primary Care Teams

2011-01-04
A recent article from U.S. News discussed the development of primary care teams, rather than individual doctors, for treating patients. According to the story, "team" is a relatively new concept in family medicine. The writer tells of a colleague who told him, only half in jest, "My definition of good teamwork is that when I tell my office nurse to do something, he or she does it." The concept is to examine the many elements of a visit to a doctor and change who does some of the information gathering and even some of the selection of treatments. Some medical practices ...

Allegheny County Generates Waiting List for Monitoring Anklets

2011-01-04
The Pittsburgh Post-Gazette reports that waiting lists for electronic monitoring devices in Allegheny County have increased to over 900 persons. The electronic devices in the form of a black plastic anklet allow probation officers to monitor the whereabouts of the persons convicted of minor criminal offenses. The County owns 1,200 of the devices, and tries to turn around a unit the same day it is returned, but the waiting list is still at 925. This is due to the courts instituting a program this year that expedited minor criminal cases in the system. The process has ...

Simpsonville Hotel Near Bi-Lo Center Provides Close Lodging to Fans Attending Greenville Road Warriors Games

Simpsonville Hotel Near Bi-Lo Center Provides Close Lodging to Fans Attending Greenville Road Warriors Games
2011-01-04
Holiday Inn Express Simpsonville Hotel offers close lodging to hockey fans attending Greenville Road Warriors Games at Bi-Lo Center in downtown Greenville. The Greenville Road Warriors are a professional mid-level ice hockey team. They are members of the East Coast Hockey League (ECHL), a Premier "AA" league. Upcoming home Road Warriors games include: - Thursday, January 6 verse the Gwinnett Gladiators - Thursday, January 13 verse the Everblades - Friday, January 14 verse the Gladiators - Saturday, January 15 and January 17 verse the Wings "We are a great lodging ...

Perimeter Hotel in Atlanta Provides Nearby Lodging to Travelers Attending Blue Man Group at Fox Theatre

2011-01-04
Sheraton Atlanta Perimeter Hotel North, located in Atlanta, GA, offers convenient lodging to travelers in town for the Blue Man Group show, presented by Theater of the Stars. Performances will take place from January 18 through 23, 2011 at the Fox Theatre in midtown Atlanta. Blue Man Group is a unique form of entertainment that combines music, comedy, and multimedia theatrics. Since originating in 1987, Blue Man Group has played in venues around the world including performances in New York, Boston, Chicago, Las Vegas, Orlando, Japan, Berlin, and Zurich. The show features ...

Atlanta Airport Hotel Near Fox Theatre Offers Accommodations to Guests Attending Disney's Beauty and the Beast

2011-01-04
The Hampton Inn & Suites Atlanta Airport Hotel (North) offers nearby lodging to guests attending the hit Broadway Musical Tour of Disney's Beauty and the Beast. Performances will take place from January 12 through 16, 2011 at the Fox Theatre in midtown Atlanta. The musical features the animated film's Academy Award -winning score with music and/or lyrics by Alan Menken, Howard Ashman, and Tim Rice. Disney's Beauty and the Beast is based on the classic French fairy tale. Set in 18th Century France, Beauty and the Beast tells the story of a young woman named Belle and ...

Scottsboro Hotel in Alabama Announces a Special Deal with Cathay Pacific Airways

2011-01-04
The Hampton Inn & Suites Scottsboro Hotel in Alabama recently announced the Triple Your Miles with Cathay Pacific Airways package for their guests. The package allows members of the Hilton HHonors program to earn triple miles with Cathay Pacific Airways with every completed stay from now through March 14, 2011. Members must register for the promotion prior to check-in of their first stay. Cathay Pacific Airways must be selected as the Preferred Airlines Partner in their Hilton HHonors profile. Hilton HHonors is an exclusive membership program that is well worth registering ...

Atlanta Airport Hotel Near Midtown Atlanta Provides Nearby Lodging to Travelers Attending Atlanta Symphony Orchestra's Performance of Liszt & Brahms

2011-01-04
The Hilton Garden Inn Atlanta Airport Hotel (North) provides nearby lodging to travelers attending Liszt & Brahms preformed by Atlanta Symphony Orchestra (ASO). Performances are scheduled at 8:00pm on January 6, 7, and 8, 2011 at Atlanta Symphony Hall in the Robert W. Woodruff Arts Center. Featured artists include, Robert Spano (Music Director & Conductor), Yefim Bronfman (Piano), Reid Harris (ASO Musician, Principal Viola), and the Atlanta Symphony Orchestra. The renowned and Grammy Award winning Atlanta Symphony Orchestra is currently in its 66th season. Each season ...

The Fantasy Football Season Doesn't End at Fantazzle Fantasy Sports Until the Super Bowl Champion Has Been Crowned: Play Playoff Long Fantasy Games or Play on a Weekly Basis All the Way Through!

2011-01-04
Fantazzle Fantasy Games enters the 2010 NFL Playoffs with two new fantasy football playoff games for its fantasy football community. The Fantasy Football Playoff Challenge game and Fantasy Football Playoff Salary Cap game keep the fantasy football playoffs going, even when most fantasy leagues are finished with their seasons. The Fantasy Football Playoff Challenge game gives fantasy owners a chance to select a fantasy roster made up of any players they want, with the game playing over the course of the 2010 NFL Playoffs. The Playoff Challenge game has the user select ...

LAST 30 PRESS RELEASES:

Unlocking the mysteries of the human gut

High-quality nanodiamonds for bioimaging and quantum sensing applications

New clinical practice guideline on the process for diagnosing Alzheimer’s disease or a related form of cognitive impairment or dementia

Evolution of fast-growing fish-eating herring in the Baltic Sea

Cryptographic protocol enables secure data sharing in the floating wind energy sector

Can drinking coffee or tea help prevent head and neck cancer?

Development of a global innovative drug in eye drop form for treating dry age-related macular degeneration

Scientists unlock secrets behind flowering of the king of fruits

Texas A&M researchers illuminate the mysteries of icy ocean worlds

Prosthetic material could help reduce infections from intravenous catheters

Can the heart heal itself? New study says it can

Microscopic discovery in cancer cells could have a big impact

Rice researchers take ‘significant leap forward’ with quantum simulation of molecular electron transfer

Breakthrough new material brings affordable, sustainable future within grasp

How everyday activities inside your home can generate energy

Inequality weakens local governance and public satisfaction, study finds

Uncovering key molecular factors behind malaria’s deadliest strain

UC Davis researchers help decode the cause of aggressive breast cancer in women of color

Researchers discovered replication hubs for human norovirus

SNU researchers develop the world’s most sensitive flexible strain sensor

Tiny, wireless antennas use light to monitor cellular communication

Neutrality has played a pivotal, but under-examined, role in international relations, new research shows

Study reveals right whales live 130 years — or more

Researchers reveal how human eyelashes promote water drainage

Pollinators most vulnerable to rising global temperatures are flies, study shows

DFG to fund eight new research units

Modern AI systems have achieved Turing's vision, but not exactly how he hoped

Quantum walk computing unlocks new potential in quantum science and technology

Construction materials and household items are a part of a long-term carbon sink called the “technosphere”

First demonstration of quantum teleportation over busy Internet cables

[Press-News.org] Divorce in the New Year: Protecting Your Business
On the other hand, some people use the beginning of a new year to make new personal beginnings, such as ending their marriage.