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September 2013 - 'With all my worldly good.......'

‘With all my worldly goods…….'

‘The recent high profile divorce case of Prest v Petrodel, decided by the Supreme Court in June this year is a sobering example of how a business can be threatened by an acrimonious divorce’ warns Howard Gardener, director and solicitor specialising in family law at Phillips Solicitors.  ‘Mr Prest, a very wealthy businessman, was ordered to transfer company assets of £17.5m to settle his former wife’s financial claims.

It is not just multi-millionaires who need to protect their assets.  The reality is that anyone who has business interests and is considering getting divorced should seek expert legal and accountancy advice as early as possible.

You were probably not thinking about your business assets when you recited your wedding vows but if you are now considering divorce, the words “with all my worldly goods I thee bestow” might play a major part in your future financial well-being, both on a personal and professional level. 

Getting divorced will have an impact on both your personal and business assets and having a family business, for example, is considered by the court to be an asset alongside the matrimonial/partnership home, investments and pensions.

There are other considerations that may be taken into account, such as whether your business was started before or during your marriage, who started the business and whether your spouse was active in the business and wants to remain so.  This can be extremely important where there has been a long marriage and particularly, where the business is of significant value.

Divorce can be one of the most difficult and stressful times in your personal life but protecting your business is important, as indeed is protecting your family.  So make sure you select a solicitor who is expert in business and family law.’ 

Call Howard Gardener on 01256 854632 or email: