What happens to my business on divorce? Can my business be sold?

Business assets are taken into account when making decisions about the financial aspects of the divorce. They are not however treated in the same way as the more obviously matrimonial assets such as the family home.  Account is normally taken for the fact that greater risk is attached to the business assets than for example to equity in a property, and this should be reflected in the overall capital split.   

As a general rule, if a marriage is very short it will be difficult to persuade the court that business assets should be taken into account, unless this is necessary to meet the basic needs of the parties and their children. 

If, as is often the case, the parties disagree over the value of a business then the court has the power to order an independent valuation. 

The court does have the power to sell a business, but in practice the circumstances in which this would be appropriate are extremely rare. 

The court recognises that to destroy the means by which the family is supported would make no sense at all. 

George Green’s Specialist Family and Divorce Lawyers give advice regularly on the arrangements of your assets when you separate.  If you wish to discuss your matter in a free initial telephone consultation, call Mark Vandaele on 01902 796930 (mvandaele@georgegreen.co.uk) at our Wolverhampton office, or Jane Williams on 01384 340 528 (jwilliams@georgegreen.co.uk) at our Cradley Heath office.