Divorce & the family business

Divorce and separation are almost always difficult. Throw a family business into the mix and the complexity and emotion escalate exponentially. Whether the business is big or small, a family farm or a tech start-up, operating as a sole trader, partnership or company, dividing a business asset throws up difficult questions. And of course, if both parties are reliant on the business for their livelihood and career aspirations things become even trickier. Topics covered in this episode include: •Entitlement to a share in the business versus direct effort put into the business •Dealing with family businesses handed down through generations •Valuing a business for family law purposes •Options for dividing a business asset •Can a Family Court judge force the sale of a business •Can a pre-nup protect a business asset in the event of separation