A family business will differ significantly from the treatment of other assets that are valued and shared during a divorce settlement. The business often provides the family with a certain standard of living and the business and financial security of both spouses can be put at risk if matters are not handled in the right way.
A common misconception in divorce is that a financial claim cannot be made once a Decree Absolute has been granted. In reality there is no limitation period for bringing a financial claim after divorce and there have been a number of very high profile cases recently where financial claims have been brought many years after the marriage had ended.
Divorce can be difficult no matter the circumstances but when you run a family business together, there are even more complications. It’s important to consider what are the best options for you and your family business if your marriage comes to an end.
When you are preparing for divorce the things you do in the first few weeks can have a huge impact on your financial future. That’s why it’s important to take advice before you make any decisions that could affect your long term position.