Owning a business with your spouse or partner could mean that your work life and potential income is significantly impacted by a divorce or separation. Many individuals feel that they can no longer continue a working relationship with their partner and need to consider options for exiting the business.
If the company provides you with an income, then any changes to your business arrangements need to carefully considered, and professional advice should be sought. If you or your partner are a company Director, either employed by the company you are a director of or have a substantial shareholding in the business, it could significantly impact the financial settlement made during a divorce.
It is likely that shareholder’s and other investors may become concerned when they learn of your relationship breakdown and having a clear plan will be essential to reassure those parties.
It is crucial to get professional financial advice when it comes to looking at the financial impact of a divorce or separation on your business. We provide specialist support and expertise in this area to assist you with the challenges you may face. Contact us to find out more.