The personal and financial issues which arise from the break-up
of any marriage can be difficult and painful. There are
special considerations when a business is involved, whether
it is a limited company, partnership or owned by a sole
trader. One of the key drivers for any business person is
preserving the business. Any business may be regarded by
the court as a matrimonial asset in divorce cases and it
is vital to take specialist advice.
Sills & Betteridge have a specialist family law
team which has grown alongside its successful commercial
practice. The close connection between the departments means
that we are not only in a strong position to offer clients
advice on the future separation of the marital home, pensions
and other property but are also in a position to apply commercial
and other skills to the negotiation of business assets.
Farming and rural businesses present special challenges
because they are frequently capital intensive and the business
is often linked to the marital home.
We have access to a range of supporting expertise
to assist in your case. Within the firm we have extensive
experience in corporate and commercial work, conveyancing,
tax and estate planning. We have excellent relations with
a first class team of accountants, surveyors, valuers and
independent financial advisors. We deal regularly with the
local commercial teams of all of the major banks.
To resolve most cases there is a three stage
process
The first is to gather information and establish values
of assets particularly in relation to the business. It is
our role, often with the help of an accountant, to consider
in each case how much information is relevant and economically
justifiable.
Secondly in conjunction with the client we need
to plan a viable strategy. In some cases only one spouse
may have been involved in the business and the other may
know little about its running; in other cases both may have
worked equally to build up a family business. There will
be numerous things to consider in each individual case:
-
Can the husband and wife continue
to work alongside each other?
-
Is a new business structure
appropriate?
-
Is one spouse able to raise
funds to buy out the other's nterests and claims thereby
leaving the remaining spouse to run the business unimpeded?
-
Can the spouse's claims be
met out of non-business assets?
-
Is sale the only practical
solution?
Often innovative and imaginative ideas are required
to enable constructive proposals to be put forward.
Thirdly, we need to 'sell' the benefits of that
strategy to the other spouse in the hope of achieving an
out of court settlement. If the other side will not agree,
the aim will be to try and persuade the court to meet our
key objectives. Divorce is not simply a matter of waiting
whilst someone else divides up the cake that is the family
wealth. Parties with a clear idea of what they wish to achieve
and how they wish to achieve it do significantly better
in agreed financial settlements and court orders.
Our aim is to:
-
Consider with you your objectives;
-
Keep you informed and involved;
-
Provide a constructive approach
and consider practical solutions.
For advice please contact Helen
Derry who has over 12 years matrimonial experience. Helen
will involve a commercial lawyer, where appropriate, during
the early stages of instruction, so together they will ensure
your business interests remain at the top of the agenda during
the negotiation of matrimonial assets within divorce proceedings.
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