Divorce can have an impact on your business

Divorce can have an impact on your business from Hartnell Chanot & Partners

By: Hartnell Chanot & Partners  06/10/2009
Keywords: solicitors, lawyers, lawyer

Historically, it has always been assumed the family business would be protected during a divorce, however, recent case law has shown that this may not always be the case.

Rachel Buckley, Partner at the firm said, "On divorce, businesses form an integral part of financial settlements and the Court now considers all the family circumstances when arriving at a settlement. The Courts routinely ask that businesses and business interest’s are valued by a single joint expert who will act on behalf of both parties to assess the business with a view to making a valuation. There are measures you can take in order to reduce the impact on your business but these depend on many different factors such as whether the business was started before or during your marriage: who started the business etc"

As an asset, your business is going to be under scrutiny and you will be required to make a full and frank financial disclosure of your financial circumstances in order to arrive at a fair and meaningful value for the business as soon as you can; costs can rise if it becomes lengthy and complex. In addition to this, it's always helpful to sit down with a solicitor and flesh out this information. All businesses are unique and a full knowledge of the nature of your business and how it operates will assist a solicitor with your case.

Rachel Buckley added "Divorce, especially where businesses are involved is a highly specialised area of law and to ensure the best possible outcome, it is vital you take appropriate legal advice as soon as possible."

Keywords: Divorce, Divorce Devon, Divorce Exeter, divorce lawyer, divorce solicitor, Family Law Devon, Family Law Exeter, Family Law Specialists, lawyer, lawyers, solicitors,

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