Protecting your business when going through divorce

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.