An expert team working to protect your business
The Court has a broad discretion to determine the extent of the assets to be divided between the parties.
This does not however mean that a family business will be wound up and divided between the spouses upon divorce.
Do you need to value the business in divorce?
The value of the business is often crucial in terms of understanding the true wealth of your family’s assets. The way that a family business is valued can vary depending on the business structure. A common misunderstanding is that the cash in the bank account of the business is the same as the value of the business. this is not always the case.
The accounts of the business will need to be analysed in order to ensure that there is a full understanding of the true worth of the business’s underlying profitability, goodwill value and/or income stream. Often there maybe a business plan which will give an indication of the future anticipated growth of the business, this can be very useful in valuing a business and understanding the projected profitability.
However, in some cases, it is not necessary for a business to be valued if the reality is that the business relies on one person and the value of the business is an income-producing asset only.
What am I entitled to from the family business?
It is important that there is a clear understanding of the business is needed in order that the most appropriate strategy is adopted. Rayden Solicitors have a wealth of experience in dealing with family businesses and divorce, and can draw upon an expert team of accountants and barristers to assist if necessary. The team at Rayden Solicitors will be able to advise you on what steps to take now, what preventative action to take if appropriate, and to understand what you may be entitled to.
The experts at Rayden Solicitors understand the commercial complexity of how businesses are set up and explain how this can be dealt with upon divorce. We have successfully negotiated cases for both business owners within divorce proceedings as well as their spouses in reaching a settlement both in and out of court proceedings.
Rayden Solicitors is committed to equality and diversity and in doing so supports and advises all members of our community.
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