The Family Business on divorce/separation
You may worry what will happen to the family business upon separation. There are a number of options available but the most suitable option will be dependent on a various factors:
- What sort of business is it? Are you a sole practitioner, a partnership a limited company etc?
- What do you want to do with the business and is this achievable?
- What issues arise in matrimonial matters that impact on the business?
- What is the business worth and what is each party's interest in the business?
- What would be the effect of various Orders upon the business?
The main concern is often whether the business will need to be sold or wound up. This should not be presumed and is dependent on a number of factors for example it might not be appropriate in the following circumstances:
- The small business that produces the family income.
- One party has made a small or negligible contribution to the business.
- One party can buy out the other party's interest.
- Business assets can be transferred between the parties.
- The business can be divided in such a way that both parties can continue to work and maintain the goodwill of the business.
Any decision might also result in employment and company law issues and so it is important to seek specialist advice.
If these matters effect you please complete a contact form or call us directly on 01483 302 000 or email samantha.jago@www.rhw.co.uk
More information about divorce law:-
