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Business owners and divorce

If a couple in Texas is getting a divorce and one of them owns a business, there may be several complicated issues to consider in the process of property division. The business will first need to be valued, and there are several different ways of doing this. The value might be based on the income, the market or the asset. This process may involve not just looking over records but touring the facilities and interviewing management. If one person brought the business into the marriage, the valuation might need to be based on the appreciation of the business since the marriage.

What happens when dividing retirement accounts in divorce

A qualified domestic relations order is a type of court order that a couple in Texas might need if they are dividing a retirement account in a divorce. A QDRO allows distributions from a 401(k) or a pension plan without penalties or taxes. It is not necessary with an IRA, but there may be other regulations. For example, a distribution from an IRA should be rolled into another IRA.

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Law Office of B. Diane Heindel, P.C.