Regardless of the size of a company or business, it will need to be taken into account as part of the divorce.
This does not mean to say that a Court would interfere with the running of a company and it would be very unlikely that a company would be sold or split however its value and income will be relevant.
There are various ways to approach this but it will depend on the scope of the particular company.
There is often a lot of mistrust when it comes to a company. One party may feel that the other is trying to hide information or devalue it in some way. On the other hand, there may be genuine reasons why there has been a downturn.
We often involve our experienced inhouse commercial team to ensure that your interests are bring protected as best they can.
As a start, it is always helpful to obtain some information from the usual company accountant.
If this is not accepted by one party, then it may be necessary to engage a forensic accountant to investigate the history of the company and provide a view as to the current value, how liquid the company is and what income it can produce.
This information will assist the parties in the negotiation process.
Often the party who works in the company is concerned that the divorce may impact on the company itself or any business partners. Where possible a Court would try and avoid this.
With so many other aspects of divorce, there is no right and wrong answer on how to deal with a company and the outcome will depend on the particular facts of the case.
For anything further, one of our specialists would be delighted to meet you to talk through your options and answer any questions. Please contact us at any time.