Divorce and Your Family Business

Dealing with any divorce or separation can often be fraught with demanding technical and legal difficulties; nothing is truer than where a case involves a family business. It can be a nervous time for those running a company who quite rightly worry about how a divorce might affect the business.

When a couple divorce any business interests must be considered within the financial disclosure process and a value assigned to them.  This can prove challenging as there are a number of different ways in which a business can be valued.  Relevant factors include the income of the business, the value of any property and the level of any debts owed.  As family lawyers we often work very closely with local, experienced Accountants to ensure that the best possible approach for our clients is taken.

There can be further complications if both parties work together in the business. It can create real conflict and it is important to consider all aspects on a more multi disciplinary basis, potentially using the expertise of our Commercial and Employment Departments where necessary.

Other potential pitfalls to bear in mind are the tax consequences of any change to the structure or ownership of the business which can result from the settlement. It is imperative therefore that any case involving business assets is handled in a way which ensures all practical and legal considerations are taken into account at a very early stage to make certain that a fair settlement can be achieved without damaging the profitability of the company.

At Chadwick Lawrence our family law team has significant experience of dealing with divorces involving business assets. We are not only able to provide the best possible advice in the context of the divorce settlement but we are able to take a multi-disciplinary approach, ensuring that you receive business focused advice throughout your case including support where necessary from our employment and commercial law experts.

To arrange a free initial appointment at any of our offices across West Yorkshire, or at your place of business, then please contact us on 01484 519 999.