Houston Divorce and Family Law Blog

You may have spent years developing your business with your spouse, creating a successful venture. Today, the business may even be your only source of income. Now that you and your spouse are divorcing, what should you do with the family business? Is it possible to keep it running or will you have to close up shop?

In our last post, we discussed business valuation in divorce. This post will explain the options available to divorcing spouses who own a business together.

Just as no two divorces are alike, no two businesses and business partnerships are alike. While business dissolution is the best option for some divorcing spouses who own a business together, other spouses may seek to keep the business alive. There are many creative options available. An experienced divorce lawyer can help you understand these options based on the facts and circumstances of your divorce.

A recent article on the Huffington Post Divorce Blog talked about how people experience divorce at different ages. The challenges that young people with children face are going to be different than those faced by couples near retirement age. Of course, no two divorces are alike, but there are commonalities based on age and life experience.

For example, let's compare three types of divorces: a divorce between a young couple after a short-term marriage; a divorce between a mid-life couple involving children; and a divorce between empty-nesters.

In a 2007 study published in Forbes.com, 56 percent of women and 36 percent of men whose wealth was at least $1 million said that they had hidden or protected assets. Those that made over $10 million were the most likely to have hidden assets.

Many people admitted to using wealth preservation strategies, where they hid assets from creditors and spouses through offshore accounts and asset protection trusts. Others use other trusts, holdings, charitable foundations, family-limited partnerships, and equity reduction plans (ERPs). Still others may hide assets through their business partners or family members and in expensive artwork or office furniture. They may even collude with their employer/business partners to delay bonuses/raises until after the divorce.

How can you uncover hidden assets during a Houston divorce?

Perhaps you have taken care of your grandchildren for years and you would like to make the relationship official. Or circumstances have changed and your grandchildren need someone else to take care of them. Whatever the case, you are ready to start the adoption process. What steps do you need to take? How can you get approval to adopt the kids you love so much?

As Houston adoption lawyers, we are privileged to experience the moments when grandparent adoptions are completed. We also understand the complex nature of these adoptions and the legal issues that can prevent Texas grandparent adoptions.