Companies and Divorce

 

Businesses and companies can be the most valuable asset in a divorce. There can also be serious implications should you split the business, for you, for your former partner, and for third parties such as people who also have interests in the business. However, the business cannot be ignored, even if one partner has no active role in it. It is therefore crucial to understand the true value of a business and negotiate a fair but commercially realistic outcome.

This is a highly complicated area of law that requires specialist advice from a specialist family lawyer. The assistance of a forensic accountant can also be vital to provide an accurate valuation for the business and investigate any discrepancies or inaccuracies in the business finances.

At Tanners Solicitors, we provide bespoke family law advice to individuals across Cirencester, the Cotswolds, Wiltshire, Gloucestershire, and throughout the UK. Many of our clients also travel from London for our reputable, high quality services.

Our divorce solicitors are well known for our ability to help individuals sort out complex financial matters upon divorce and civil partnership dissolution. We approach matters discreetly and sensibly with a strong track record of reaching positive settlements without the need for court proceedings. We have close links with specialist forensic accountants whom we can instruct to assist during the process.

We understand the strain you will likely be under during this time. Dealing with divorce financial proceedings when complex and high value assets are involved is unlikely to be simple, especially if you are in a dispute with your former partner. This, along with other aspects of the divorce such as sorting out arrangements for children can make the process extremely stressful. We will provide all the support and guidance you need to get through the situation as smoothly as possible.

If you would like to speak to one of our friendly, expert divorce solicitors in Cirencester, you can contact us in one of the following ways:

Our companies and divorce expertise

Advice about matrimonial assets

Assets owned by a married couple or civil partners tend to be considered part of the same ‘matrimonial pot’, even if one partner legally owns an asset in their sole name. This includes business interests. Upon divorce or dissolution, the Court will seek to achieve a fair division of matrimonial assets, either as a result of a voluntary agreement or through Court proceedings.

We can provide advice about negotiating a fair arrangement with your former partner. Our team have decades of experience helping individuals deal with complex financial matters; we can help you explore all the options to find the solution that works best for you and safeguards your future financial interests. This does not necessarily mean splitting or selling the business.  The Court will typically be slow to countenance a sale of a business especially if it the source of one or both parties’ income.

Where voluntary agreement is not possible, we are also robust litigators and can help you take court action to claim your fair share. We are skilled at helping people take action where their former partner has used a company to hide or conceal assets to prevent them from being taken into account during divorce or dissolution proceedings.

The Business Accounts and Forensic Accountants

The valuation of the business is a key aspect of divorce financial proceedings. It is often not simply a case of looking at the balance sheet or profit and loss account. Forensic accountants are sometimes required to properly consider the business accounts. At Tanners, we work with experienced and skilled forensic accountants that regularly value businesses for the purpose of divorce proceedings.

Liquidity, tax and Income

In addition to valuation it is also crucial to understand whether a company or business has any liquidity, the tax implications of extracting funds and also the reasonable income that it is possible to draw from the business.

We can work closely with you and your accountants or tax advisors to obtain a clear picture of your business’s liquidity, available funds and the tax consequences of any agreed divorce financial settlement. We aim to help you find a solution that maximises your interest and sets you up for a positive future.

Added Value

At Tanners we also have the added expertise of our Commercial, Employment and Civil Litigation teams who can assist and bring added value to the case.

Our approach to divorces involving companies

Using Alternative Dispute Resolution for divorce

Our Family Team take a constructive approach to financial arrangements upon divorce or dissolution, minimising disruption to your life and business as much as possible. Out-of-court settlements also tend to be faster and cheaper than going through the court procedure.

We can provide advice about mediation and collaborative law to help with your divorce or dissolution. These Alternative Dispute Resolution processes involve attending a series of meetings with your former partner to negotiate a financial settlement. Collaborative law in particular can be helpful for people with high value or complex finances as professionals such as accountants and tax advisors can also be invited to the sessions to provide advice. Our team includes qualified collaborative lawyer and Chambers & Partners recommended family law specialist, Elizabeth Saunders.

Family court proceedings for divorce

Where a voluntary arrangement is not possible, for example, because your former partner is attempting to conceal business assets from you, we can help you apply to court in order to seek a fair division of all of the available assets..

Why choose our divorce lawyers?

Our team of family law solicitors are experts at what we do. We can provide bespoke advice and help you develop a strategy for success.

Elizabeth Saunders is ranked Band 1 in Family and Matrimonial Law by leading client guide, Chambers & Partners. Elizabeth is also recognised as specialist in advanced financial provision by family law network, Resolution, and is a trained collaborative lawyer.

Another notable member of our team is David Milburn who has over 20 years’ experience in divorce law. David is highly recommended by leading client guide, the Legal 500 for his impressive tactical skills and proactive approach to progressing complex and high value matters.

Speak to our divorce solicitors in Cirencester today

If you would like to speak to one of our friendly, expert divorce solicitors in Cirencester, you can contact us in one of the following ways: