The Family Business
The Court has a broad discretion to determine the extent of the assets to be divided between the parties. This does not however mean that a family business will be wound up and divided between the spouses upon divorce.
The accounts of the business will need to be analysed in order to ensure that there is a full understanding of the true worth of the business's underlying profitability, goodwill value and/or income stream. However, in some cases, it is not necessary for a business to be valued if the reality is that the business relies on one person and the value of the business is an income-producing asset only.
It is important that there is a clear understanding of the business is needed in order that the most appropriate strategy is adopted. Rayden Solicitors have a wealth of experience in dealing with financial matters involving family businesses and can draw upon an expert team of accountants and barristers to assist.