While most of us would prefer to keep our family and business separate, negotiating a financial settlement for a divorce involving a family business will require insight from solicitors who are practised in both family law and corporate law.
In this video, senior solicitor Isobel Willoughby identifies this necessary overlap in expertise, highlighting the importance of collaboration and understanding when dealing with a family business in divorce. Watch the video below for more information on why divorces involving family businesses require a multifaceted approach.
Family Law vs Corporate Law in Divorce: Transcript
Here’s something most people don’t think about: family law and corporate law. They’re like two sides of the same coin, especially when divorce is involved.
You see, when business owners divorce, their companies can end up right in the middle of the battlefield. Suddenly, that shiny corporate asset is not just a business; it’s a marital asset. And figuring out what happens to it can get complicated.
So, how do you untangle the business from the personal without everything going up in smoke? That’s where having the right legal team comes in: a legal team that understands both family law and corporate law.
In fact, for exactly this reason, I’ve undertaken hours of family law courses to ensure that I can give the best possible advice to my family business clients.
At Newtons, we get it. We know how to protect what you’ve built and make sure that things are handled fairly and efficiently, because when your business assets are on the line, you need lawyers who can speak both languages.
Need some advice? Get in touch! Let’s make sure your business and your future are protected.
Can Newtons Protect My Family Business in Divorce?
Whether you and your spouse established the business together or you started your business before you were married and brought in your spouse further down the line, your corporate assets will be considered among your marital assets when negotiations commence. Unless you arranged a prenuptial or postnuptial agreement prior to your divorce, your family business could become a point of contention between interested parties. This could place your financial future at risk while compounding the stress of the divorce process.
If you are keen to protect your family business in divorce and are searching for an experienced team of solicitors who will defend your best interests, please do not hesitate to contact us. By working with specialists from across our offices, we can ensure you are in the best place to begin negotiations and secure the future of your family business.