“We are separating but own a business together - what should I do?”
Where unmarried couples separate, from a financial perspective it usually is a question of working out who owns what and dividing the financial resources accordingly.
However, if you have also run a business together, as well as living together, it may not be that straightforward.
A relationship breaking down can risk threatening the very future of the business, which in turn impacts earning capacities, any capital value in the business and it also affects those working for you.
In an ideal world, you will already have in place an agreement which will set out what is to happen to the business in the event of a separation or a dispute between you and your partner about how the business should continue to be run.
In the absence of an agreement, commercial litigation through the courts or arbitration are always options, but these can be expensive and uncertain and are usually best avoided if at all possible.
Mediation can be a better way to help facilitate an agreement as to what should happen to the business.
In any event it is key to ensure that you take legal advice so that you can understand and properly address all of the issues you will need to deal with, you can both consider all of the options and the pros and cons of each.
Expert legal advice
For more information or an informal chat about your next steps, contact us on 0344 326 0450 or email us.
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