Month: November 2018

How Divorce Can Impact on Your Business

As any entrepreneur knows, it can take years of hard work to build business just as it takes work to keep a marriage on track. Unfortunately, there are plenty of examples of business owners seeing their marriage and business derailed during and after a divorce if they fail to plan in advance and take legal advice.  

42% of marriages are said to end in divorce and a good proportion of those cases are likely to involve business owners. Working long hours and being away from home for long periods can all lead to problems with marriage but its what might happen in a potential divorce which should be of equal concern.  

A business like anything else owned by either partner in a divorce may be considered a valuable part of a divorce settlement if either partner is the sole owner. There may even be occasions where an ex husband or wife could walk away with half the business.  

To prevent this happening, it is worth taking legal advice at the earliest opportunity. A business even if a former partner put no work into it can’t always be treated as a separate legal entity.  A solicitor can advise you on the steps to take to protect your business and its assets during the divorce.

Divorce – Are Your Prepared for The Unexpected

Agreements are not always binding particularly if there hasn’t been full disclosure relating to certain aspects of agreements whether they are prenuptial or part of a divorce settlement. Having an agreement that is watertight is critical if you want to take steps to avoid unexpected issues cropping up.  

The job of a divorce solicitor is to a large extent concerned with negotiating the best outcome for their client. People generally don’t want to concern themselves with all the details of a divorce preferring to get proceeding over and done with as soon as possible but this can run the risk of overlooking those unexpected outcomes that can arise when things are overlooked.   

This is why preparing adequately for divorce in advance is so important because reaching a watertight agreement should always be the aim. That agreement should also be fair to both parties. Disputes can arise both during and after divorce proceedings that can result in court battles neither former partner is going to want.  

This is one of the reasons there is such a big push towards allowing no fault divorces. People don’t really want to have to go through an acrimonious divorce that requires proof of a partner’s infidelity to be revealed to strangers.