The best you could wish for during a divorce in Texas is an equitable division of your marital property. What many people are challenged with, instead, are claims for their separate property like businesses. You might be willing to give your spouse everything except a business. It’s important to make preparations to protect your assets, so consider the following advice.
Keep your business separate
Separate property and marital property are treated differently in a divorce. In most cases, the things you can legally maintain as separate property are things you acquired before marrying. What you acquire during your marriage is called common property. If you keep business transactions or property separate before a divorce, there’s a likelihood of them staying separate.
Trust your multiple properties or businesses
A trust is a private asset that businesses can be entered into for tax, debt and marital reasons. The privacy of a trust means that only you, the one you list as a trustee or your beneficiary can access the contents represented by the trust. This means that anything legally set aside by a trust can’t be analyzed or considered during a divorce.
Make a deal that can’t be refused
In some divorces, one spouse offers the other something in exchange for ownership of the business. You can, for example, assess the value of your business and then make an offer to your spouse based on this valuation. Proposing an attractive number could persuade them to accept a settlement without dragging your possessions into court.
Divorce in Texas
Overall, the things you can protect in a divorce are the things you owned prior to marriage. The best assurance during a divorce is your preparation beforehand; you have a better chance of making divorce reasonable for you and your spouse with a plan.