If your marriage has broken down, you are likely to be concerned about the security of any business you own either in partnership with your spouse or as a sole trader. Indeed, any business you own individually or as a family will be viewed as a divisible matrimonial asset.
Your family business and your divorce – the changing court approach
Over the years the attitude of the family courts in divorce cases towards the family business has changed. Previously, such businesses were afforded considerable protection and their divisibility was considered in terms of the income they generated rather than the value of the business as a whole. Now however, it is not considered strange for a court to order to sale of the business so that the proceeds can be fairly distributed between the parties.
In cases where sale of the business is avoided, it is still possible that the business will be completely restructured. When the business is valued, any properties owned, pension scheme assets and the input of each partner will be taken into consideration. Valuation of the business is a crucial process and it is important to remember that it will have a significant effect on third parties with a stake in the business or who work there for example because any decision will be binding for them too.
Once you sense that your marriage may be over, it is sensible to seek quality legal advice straight away. The earlier you start the valuation process of your business, the earlier you can reach a fair settlement that safeguards your interests and avoids unnecessary conflict.
Getting divorced? Worried about the family business? Contact us now
When your long-term financial prosperity is at stake, it is comforting to know that the divorce solicitors representing you are experts in their field. Our divorce law team have vast experience of financial proceedings and the problems of dealing with the family business in divorce – and can help protect your critical financial interests.
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