Protecting Your Business
What sort of issues may affect a business during a divorce?
A business is part of the marital pot and just like a house or a pension its value will need to be taken into account.
If only one spouse works in the business then allowances will be made that will keep the business working and providing income. No judge would make a ruling that meant that a business must close with the inevitable loss of income.
If the business is a family concern and the parties could not work together following divorce then arrangements have to be made so that one or other party takes over the business. This is a matter for detailed negotiation and is rarely straightforward.
Is a limited company protected during a divorce?
A limited company is a separate legal identity to the shareholders or directors and is not, therefore, part of the divorce proceedings but the value of any shareholding is relevant.