36 IN VIEW FAMILY LAW
PROTECTING YOUR
BUSINESS WHEN GOING THROUGH DIVORCE By Donna Amos
Director and head of family law department
The life of a business owner is stressful – add getting divorced to the mix and it can make life overwhelming!
Your business is considered an asset, so it must be disclosed during the divorce process and may be taken into account when considering the marital assets to be divided. However, there are some ways that can help you protect yourself and your business.
• Enter into a post-nuptial agreement or separation agreement to address how your assets will be shared in the event of a breakdown of the marriage.
• Offset other assets – for example, by offering your partner a larger share of the equity in the family home, savings or investments to offset a claim against your business.
• Ensure that your business is valued accurately and comprehensively to get a fair
picture of its financial health.
• Seek professional advice. Divorce is more complex with the added challenge of business interests. Specialist family lawyers, accountants and financial advisors can offer carefully considered advice that is tailored to your circumstances.
• If you are not yet married, take pre-emptive measures to protect your business by entering into a pre-nuptial agreement which can help shield your business from the fall out of divorce.
Ultimately, the Family Court will seek to ensure that both parties’ and any dependent children’s housing and financial needs are met. For tailored legal advice on your separation, please get in touch with Donna Amos at Barker Booth & Eastwood and mention ‘Lancashire Business View’ when making an appointment.
YOU CAN NOW DIY
YOUR DIVORCE, BUT SHOULD YOU? By Stuart Barton
Senior associate solicitor, Steele and Son
Since the introduction of ‘no- fault’ divorce in 2022, with significantly simpler rules and a relatively straightforward online application procedure, fewer parties have been seeking assistance from family lawyers.
But while the ‘DIY Divorce’ is undoubtedly here to stay, as with any DIY project, there are perils. The divorce itself is usually straightforward however problems often arise when parties attempt to resolve financial matters without seeking the necessary legal advice.
Direct discussions may help a divorcing couple narrow their issues but without expert legal advice, the outcome may be far from ideal.
Separating can be a very emotional and stressful time even in the most amicable of situations and it is often a huge relief to have someone deal with the negotiations on your behalf. Some problems that can arise are:
• Parties underestimate the value/importance of pension assets available to them or the other party.
• The parties’ intended agreement cannot be practically implemented owing to lack of borrowing capacity or other factors.
• Tax implications may not have been considered.
• The financial requirements for the main carer of the children aren’t taken into account.
It is no shame for divorcing parties to understand their reasonable limitations. Assembling a flat-pack table from a well-known Swedish furniture store is something most of us can manage.
However, rewiring the family home or installing a new boiler are jobs for properly trained and experienced professionals. Resolving financial matters arising from divorce is no different.
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