PROMOTION What divorce means for your business When getting maried you may not consider that your business may form part of the matrimonial pot. usinesses form part of the assets to be shared on divorce and are a central part of financial remedy proceedings When there is a divorce, the family courts will deal with the issues of spouse's claim. together with your solicitor to get a firm grip on this aspect of your case. It will not be possible to step away from this. It is better to be open and Something that you need to bear in mind is that a pre-nuptial agreement or postnuptial agreement can be helpful in limiting claims up front from the outset, rather than reacting in court to the demands of againsta basiness. This requires planning ahead at the time you get the business your spouse married or subsequently during the marriage, which can often feel very unromantic. Try not to mix your business assets with your private assets unless absolutely necessary and where possible try not to involve your spouse in the business, although it can often be tempting for tax purposes The business itself comes under Certain information will help your solicitor for example: How was the business formed intense scrutiny. The questions that will come up will include: How much is it worth? . How much income can you When was the business formed? How is the business structured Howis the business owned? produce Should it be producing more? Who else is involved/owns the business What role did the other parties have, what role do you play in the business, or the shareholdings to The business itself may well be valued by either the company Ifthe business has a shared ownershipwith somebody outside of the divorce, then this can be helpful If not, and it is only owned by one spouse, then it will be treated like any accountant or an independent forensics accountant. The value of be considered? the business can become a very influential asset in the division of How can I protect my business? other asset, to be divided or shared unless there is a good reason not to. matrimonial assets If you are looking at protecting your business before the divorce arises then you need to take very careful and measured steps. If you are seen to be moving assets or shareholdings, simply to avoid aclaim on divorce, then this will You may have your own view about your business and vour future plans, but often you will find that the judges will look at liquidity within the business and the For more information contact Rubina Vohra by omail rubina.vohra@ forbessolicitors.co.uk or call 01254 580000 possibility of that being paid out to meet the housing needs of the other party. It is important that you have the right to legal advice from the outset. It's important that you work damage your case considerably The courts also have the power to Togetforbes set aside any transactions that are we a specifically designed to defeat your forbessolicitors Offces in Accrington, Blackbun, Central Lancashire, Chorley Leeds, Manchestor and Preston www.forbessolicitors.co.uk PROMOTION What divorce means for your business When getting maried you may not consider that your business may form part of the matrimonial pot. usinesses form part of the assets to be shared on divorce and are a central part of financial remedy proceedings When there is a divorce, the family courts will deal with the issues of spouse's claim. together with your solicitor to get a firm grip on this aspect of your case. It will not be possible to step away from this. It is better to be open and Something that you need to bear in mind is that a pre-nuptial agreement or postnuptial agreement can be helpful in limiting claims up front from the outset, rather than reacting in court to the demands of againsta basiness. This requires planning ahead at the time you get the business your spouse married or subsequently during the marriage, which can often feel very unromantic. Try not to mix your business assets with your private assets unless absolutely necessary and where possible try not to involve your spouse in the business, although it can often be tempting for tax purposes The business itself comes under Certain information will help your solicitor for example: How was the business formed intense scrutiny. The questions that will come up will include: How much is it worth? . How much income can you When was the business formed? How is the business structured Howis the business owned? produce Should it be producing more? Who else is involved/owns the business What role did the other parties have, what role do you play in the business, or the shareholdings to The business itself may well be valued by either the company Ifthe business has a shared ownershipwith somebody outside of the divorce, then this can be helpful If not, and it is only owned by one spouse, then it will be treated like any accountant or an independent forensics accountant. The value of be considered? the business can become a very influential asset in the division of How can I protect my business? other asset, to be divided or shared unless there is a good reason not to. matrimonial assets If you are looking at protecting your business before the divorce arises then you need to take very careful and measured steps. If you are seen to be moving assets or shareholdings, simply to avoid aclaim on divorce, then this will You may have your own view about your business and vour future plans, but often you will find that the judges will look at liquidity within the business and the For more information contact Rubina Vohra by omail rubina.vohra@ forbessolicitors.co.uk or call 01254 580000 possibility of that being paid out to meet the housing needs of the other party. It is important that you have the right to legal advice from the outset. It's important that you work damage your case considerably The courts also have the power to Togetforbes set aside any transactions that are we a specifically designed to defeat your forbessolicitors Offces in Accrington, Blackbun, Central Lancashire, Chorley Leeds, Manchestor and Preston www.forbessolicitors.co.uk