Blog

Divorce and Business Assets

Posted by: admin    Tags:      Posted date:  September 27, 2011

No comment

Following the breakdown of a marriage, a business owner needs to take early advice in order to protect the business which in the normal course of financial relief proceedings would count as part of the matrimonial assets.

If you own a business, either as a sole trader, partner or a company, the principle that all your assets will form part of the matrimonial pot when it comes to division will apply . Protecting the business and safeguarding its assets and working capital is necessary. Our solicitors work with accountants and other professionals to try to ensure that your business is preserved and any payout is structured taking into account other property, capital and assets. These are complex financial issues and the services of experienced professionals must be sought at an early stage.

We normally advise Businesspeople to enter into Pre-nuptial agreements in order to safeguard assets at the time of marriage. Even though such arrangements are not binding on the courts, they are never the less of persuasive value.