Business Interests & Divorce
If you or your spouse own a business, whether separately or together, this can complicate matters during divorce, particularly when it comes to achieving a financial settlement. Getting the right legal advice can help to ensure you get a fair settlement which doesn’t risk the future of the business or its value.
At IBB Solicitors, our specialist lawyers are very experienced in dealing with business ownership during divorce and separation. We regularly represent clients who want to protect their business during divorce, as well as those who want to make sure the value of their spouse’s business assets is fairly reflected in their divorce settlement.
With particular expertise handling high-value and complex assets in the £2-10million range, we can ensure you reach a settlement that reflects your best interests as quickly and efficiently as possible.
Protracted court proceedings can create uncertainty about the future of your business and be a major distraction from its day-to-day running. To avoid this, our team will seek an out-of-court settlement wherever possible using our strategic negotiation skills and methods such as mediation, collaborative law and arbitration. This typically allows you to get a settlement faster and at lower cost, while keeping matters private.
However, court proceedings are sometimes required, especially when dealing with complex and high-value assets where the parties are unable to reach an agreement together. Please be assured, our team has the experience and advocacy skills to effectively represent you at every stage of divorce court proceedings, so you can get the right outcome for your long-term security.
If you are planning on getting married or are already married and worried about how divorce could affect your business, we can also help with creating a robust prenuptial agreement or postnuptial agreement.
To speak to a member of our family law team about splitting assets upon divorce or to arrange an initial fixed fee consultation, give your local IBB Solicitors office a call in Chesham, Reading or Uxbridge, or email email@example.com.
Why IBB Solicitors are the right choice for advice on business interests in divorce proceedings
IBB Solicitors is recognised as one of the top firms for divorce and family law in the South East. Our team is highly ranked by leading client guides the Legal 500 and Chambers & Partners, achieving the top Tier 1 ranking from the Legal 500 for Bedfordshire, Buckinghamshire, Hertfordshire and Middlesex and Band 2 ranking by Chambers & Partners for Watford, Uxbridge and the surrounding areas.
Our Family Law team is headed by Amanda Melton, a highly experienced expert in divorce finances who has been consistently recognised by leading client guides the Legal 500 and Chambers & Partners for her “exceptional professional knowledge” and “strong interpersonal skills”.
Many of our team are members of Resolution, an organisation promoting a cooperative approach to divorce and family law with the goal of avoiding expensive and combative court proceedings wherever possible. Family Law Partner Kate Ryan is a Resolution-trained mediator with experience in mediating settlements involving business assets.
We offer exceptional, personalised client service and you will deal directly with one of our experienced family lawyers through all stages of your divorce. This means you will always know who to turn to if you need an update on your case or have a question you want answered.
How we can help you with divorce & business ownership
How business assets are treated in divorce settlements
People often assume that when they get divorced their assets will need to be split straight down the middle, which can be very concerning where there are business interests to consider.
While a 50:50 split is the starting point under English law, it is normally possible to find a solution that reflects specific concerns, such as protecting a business or making sure its value is fairly reflected in the financial settlement.
With a negotiated settlement, you can consider options such as giving one spouse a greater share of other assets in exchange for not taking a percentage of the business, or entitling them to an income from the business.
Even if court proceeding are necessary, the court is usually reluctant to risk harming a business by splitting it or giving a share of ownership to the non-owning spouse as this may result in the other spouse having less incentive to make the business successful going forward, let alone this often also being impractical.
Our team can advise you on your options and help you achieve a settlement that meets your needs while causing the least possible disruption to any business interests involved.
Divorce when you own a business together
Should you and your spouse own a business together, this can create complications during a divorce. You may wish to sell the business, divide it, have one spouse buy out the other, or continue running it together.
Our Family Law team can work together with our Commercial Law team to facilitate a plan that works for you financially as well as protecting the future success of your business. We can help you with all of the legal details, including valuing your business, selling or separating the business, or drawing up a new partnership agreement or other legal structure where required.
Protecting business assets during divorce
If you are concerned that getting divorced will damage your business, we can provide clear, practical advice on your options to assist you in your decision-making process. Our team can help you to consider issues such as whose name business assets are held in, which assets will need to be considered as part of your personal assets for the purposes of your divorce settlement, and the application of any prenuptial agreement you may have signed.
Speak to our expert divorce solicitors in West London, Buckinghamshire, and the Thames Valley
To speak to a member of our family law team about dealing with business assets during divorce, or to arrange an initial fixed fee consultation, give your local IBB Solicitors office a call in Chesham, Reading or Uxbridge, or email firstname.lastname@example.org.