Business Assets And Divorce

If you own a business and you’re going through a divorce you can take some comfort from a more realistic approach now towards the valuation of your assets, says Kent lawyer Susi Gillespie.

The change of heart follows on the heels of a recent High Court judgment* where a wife’s claim following a 15-year marriage hinged on the estimated value of her husband’s restaurant business, explains Susi – family law solicitor specialising in divorce at leading regional law firm Furley Page.

The wife reckoned it was worth £5.3million and the husband £1.7million. In summing up, the judge stressed that the valuation of a business was an art not a science and ultimately a matter of opinion. He also pointed out that the business in question had been operating successfully at the same site for more than 30 years so it couldn’t be defined as solely matrimonial property.

The judge refuted the wife’s unsubstantiated claim that the family had received benefits in kind from the business which were equivalent to £80,000 a year.

Susi comments: “Detailed evidence from forensic accountants and an expensive dispute over the exact value of the business may be pointless if the business is the means by which the husband is going to earn his income and maintain the family in the future.

“The case also shows that where a business was started before a marriage, the husband will get some credit for the value it had already acquired so its total value won’t be treated as part of the matrimonial pot.

“And just as important, this case highlights the need for allegations of fringe benefits from a business to be properly demonstrated if they’re going to be reflected in the value of a business.”

By: Daniel Butler

Article Directory: http://www.articledashboard.com

Furley Page Solicitors provide friendly and helpful advice on any legal issues you may have. Furley page have a specialist team of Divorce Lawyers who can give advic
1000
e on your situation.

Finding the right attorney for your business can be a daunting task. Whether you are new to the marketplace and are in need of a lawyer for your new business or you are in the market for a new business lawyer, the issues remain the same. You need an attorney with the right experience and who is attentive to your business needs.

Ultimately, you should ask yourself, Read the rest of this entry