A business may appear to be a “pot of gold”, but in fact many are actually only income streams. “If you take away the income stream to satisfy someone’s claim on the business, then you are affecting other elements of the case, because of what they earn compared to their spouse,” he said. “In terms of protection, the key thing we like to do is work with the accountant to get a valuation of the business as soon as possible, their view of the accessibility of that value and whether the business has any working capital that could be paid out. “For example, businesses may carry an element of capital in their bank account, but that is working capital. It is needed because they have to fund up front a lot of materials and other costs. If you look at that as a pot that may be used in divorce proceedings, then you are effectively taking away the lifeblood of the business.” It is important to think very carefully before going down the route of including a spouse as a company director.A shareholders’ agreement can help provide a clear understanding between parties of what their obligations are. Children are one of the most emotive areas of a divorce and
it is important that couples do what is best for them. “It is important that couples make joint parenting decisions, even though they are separated”, said Mr Price. “The reality is that even though you are divorcing, they are going to remain your children forever. “We try to encourage as amicable a way forward as possible. In this area of law most of our clients want certainty and closure. They want to know where they stand because it is a very stressful time.” Tayntons is a leading solicitors’ practice with offices in Clarence Street, Gloucester l For further information telephone 01452 522047 email info@tayntons.co.uk or visit www.tayntons.co.uk
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