Happily married couples seldom think about what could happen in the event they one day decide to divorce. But a healthy dose of pragmatism is warranted, particularly if you own or co-own a business. The potential negative impacts of divorce on a business can be wide-ranging. Understanding them and putting some protections into place while your relationship is strong can be essential to the long-term success of your company. Here are some issues to take onboard. If you own a business and are contemplating divorce and would like to talk it through before doing anything call Rachael Oakes - National Head of the Family Wealth Team on 07972 753265.
The good news is that you can do things right now to prevent or mitigate these risks to your business. Most effective is to have a prenuptial (before your wedding) or postnuptial (during your marriage) agreement drawn up to detail the distribution of the business in the event of divorce. This can minimize any contention or ambiguity should you ever find yourselves across the negotiating table from each other, and give you (and your business partners) peace of mind today.