Divorce And The Business Owner

Nov. 19, 2008 - PRLog -- This could be the case even if you started the business before your marriage, or if your spouse has never even helped in the business.

The issues that can face a business owner going through divorce are numerous and complex. Andy Stout, Family Law Partner at Tallents in Mansfield says,
“If you think you may be facing a divorce, we recommend that you consult with a family law solicitor, and your accountant, as soon as possible.”

If you are business partners as well as marriage partners, then you will probably have to face issues such as: ownership structure of the business, valuing the business, employee- and customer-related concerns and business planning for the future. All this at a time when you are probably also trying to establish support and maintenance issues, agree custody and visitation rights as well as dissolve the marriage.

Recent divorce cases have lead to the acceptance that although both parties may make different contributions to the marriage, those contributions are to be considered ‘equal’. This approach means that the family business will, most likely, be included in the minimum 50-50 split of all assets.

Andy says,
“Although divorce may never arise, we urge business owners to seriously think about this situation. Pre-nuptial and post-nuptial agreements may be a solution, but every case is different and needs to be carefully considered by a solicitor.”

For more than 230 years, Tallents has advised and guided the people of Nottinghamshire on their legal needs. Today, with more and more legislation being imposed on us, making the right choices and be more stressful than ever before. Tallents is still there to guide you and ensure you understand the different options before you.

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For more information, contact Tallents on 01623 666700.


Tallents Solicitors,
28A Westgate, Mansfield
Tel: 01623 666700

www.tallents.co.uk

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ABOUT TALLENTS

Established in 1774 and with offices in Newark, Mansfield and Southwell, Tallents Solicitors services the legal needs of private individuals, company and commercial clients and farmers in North Nottinghamshire and Lincolnshire.

We still offer a personal service to our clients and our size and structure ensures that partners are never remote from our clients. We provide a full range of legal services and our expertise covers all areas of law including:

Agricultural law, criminal law, commercial and domestic property transactions, inheritance tax planning, trust and estate administration, wills and probate, commercial and general litigation, employment law, company and commercial law, intellectual property, matrimonial and family law, personal injury claims and children issues.