When dividing marital assets, every resource will be taken into account, including the family business. Whether the business is yours, your partner’s, or shared it will be including in the matrimonial pot whether your assets are divided through settlement or by the court.
In the past, courts tended not to order to the sale of a business, instead choosing to assess its value in terms of an income provider. However this convention is changing and family businesses are no longer guaranteed the safeguards that the may previously have received from the courts.
The business will first need to be valued so that it can be determined how that value that fairly be divided between the two parties. This can of course massively affect other people involved with the business who will also be legally bound by any legal provisions made with regards to the business.
Whilst businesses do not necessarily have to be sold as part of divorce proceedings, they very often are. It may be possible to comprehensively restructure the business in order to get avoid sale, however this is a complex process in itself. Many things will be taken into account when valuing the business, including pension schemes, the respective contributions of the parties and real estate owned by the business.
Business owners or partners who believe that their marriage is breaking down should seek legal advice post-haste in order to get the valuation process underway quickly. This way you can best protect your financial position.
Divorce in Salisbury? Call Bonallack & Bishop
When your long-term financial prosperity is at stake, it is comforting to know that the solicitors representing you are experts in their field. The divorce solicitors at Bonallack & Bishop have vast experience of the financial proceedings and can help you reach a fair financial outcome from your divorce.
What’s more our experienced team includes two jointly qualified family mediators/lawyers and three fully accredited collaborative lawyers
• Just call our highly experienced divorce and family law team on SALISBURY (01722) 4223000 or
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