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Family business money matters in divorce
Our divorce solicitors have many years of experience dealing with complex family business issues, including SME's, limited companies and partnerships.
We offer fixed price legal services, with family solicitor fees starting from £180 per hour including VAT. Once we have provided you with a written quote for the agreed work, that price will not change.
Our specialist team of divorce solicitors have many years of experience dealing with complex family business issues for businesses including SME's, Limited Companies and Partnerships. Our Head of Family Law has particular expertise in dealing with high net worth divorce cases involving farming partnerships, dental and veterinary practices and care homes.
What happens to the family business in divorce?
If you and your spouse or partner are in business together, there are things you will need to consider if you get a divorce, separate or dissolve a Civil Partnership. This is because if the Courts become involved in how your financial assets should be divided up, the Court will have to take your family business money matters into account.
The Court has a very wide discretion in how it deals with arrangements in financial applications when couples break up. When deciding how to divide up a family business the Court will consider:
- how the business was originally set up
- what contribution each of you has made to it and your current roles
- whether any other people are involved running the family business
- the commercial prospects for the business
- if any assets can be realised without affecting day to day business operations
- what your ultimate intentions for the business were
Valuing the business
Some family businesses that have no underlying capital value, simply provide an income stream. These do not need valuing since they can be shared by way of a Maintenance Order. However if one spouse owns a family business outright or has a significant shareholding then it is usual for the business to be valued as part of the divorce financial settlement.
Valuing a family business can be difficult and normally it is necessary to instruct an expert accountant or valuer with particular expertise. This is a complex area and there are many issues to consider, for example, a Consultancy based on the skills or knowledge of one person may be affected if that person leaves the business.
In addition to this there will be business tax issues that need careful consideration and expert legal, accountancy and forensic advice may also be required.
Our promise to you
No nasty surprises. We will provide a written quote before any work starts.
No legal jargon. We will take time to understand your needs and provide clear explanations so you completely understand what’s going on every step of the way.
Minimise stress. We will help you reach the best possible outcome for you and your family with the least possible distress.
Treat you as an individual. We do not believe in a one size fits all approach and we will work with you to find the solution that's right for you.
Handle your case with sensitivity. Our Family Solicitors, Lawyers and legal specialists are experts in family law and have specialist training to ensure they can help you through the challenges you are facing.
Fair pricing. Our fixed fee packages mean you know how much your legal work will cost.
About Co-op Legal Services
The family law team at Co-op Legal Services includes specialist Family Solicitors, Divorce Solicitors and Children Law Solicitors with Resolution accreditation and accredited experts in child abduction, co-habitation, domestic abuse, property disputes, high net worth money matters and financial advocacy.
Resolution is a national organisation of Family Lawyers committed to non-confrontational divorce, separation and other family problems.
Co-op Legal Services has over 600 staff working in different businesses with offices in Manchester, Bristol, Stratford-upon-Avon, Sheffield and London.
As part of the Co-op Group, our values of openness, honesty, social responsibility and caring for others are core to the service we provide.