Divorce advice for business owners
Kate Brooks, divorce solicitor, Market Harborough
What a lot of people don’t realise is that if you own a business it is still likely to form part of the matrimonial pot of assets. That’s not to say it will be treated exactly the same as the rest of the pot but in the first place it will need to be included. This is the case whether it’s a limited company, sole trader or a partnership.
In the first instance it will be important to try and establish a value for the company or figure out if it’s really just a way of making an income. Sometimes we are going to need to get experts in to find a value for the business and look at ways of extracting money from the business if that’s appropriate. But often times if it is that someone’s a plumber for example and they are working as a sole trader, then fairly early on you are going to establish that the business is really just a vehicle for that person to earn money.
So in summary I would say that it is very important to get advice as soon as possible from a specialist family lawyer if there is a business that is going to be part of your divorce.