Businesses acquired or grown during marriage are considered marital property under UK family law, meaning they will be valued and factored into settlement discussions. Entrepreneurs should accept this to avoid costly disputes. Understanding that a business represents not just an asset but an owner's livelihood and identity is crucial. Family courts evaluate indirect contributions from spouses, impacting the valuation of businesses. With proper planning and advice, business owners can preserve control over their enterprises amidst divorce proceedings.
Your business isn't just another asset to be split down the middle. It's your livelihood, your identity, and often your only source of income.
Even if your spouse never set foot in your office, courts recognise their indirect contributions. While you built spreadsheets, they might have built your home life.
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