When a couple decides to get divorced, one of the biggest questions is who will get the businesses. There are many factors to consider when dividing assets after a divorce, and businesses are often complex and valuable assets. The first step is to identify all of the businesses that are jointly or separately owned by the couple. This includes any businesses that are co-owned by the couple, as well as any businesses that are owned by one spouse but operated by the other. This includes companies and trusts too, which can be a complex area of family law property settlements. 

Once all of the businesses have been identified, the next step is to value each business. This can be done using a professional appraiser or by looking at recent sales of similar businesses or even by coming to an agreed value. The value of the businesses will be used to determine how they should be divided between the two spouses.

After the businesses have been valued, the next step is to determine how they should be divided. In some cases, it may be necessary to sell the businesses and divide the proceeds between the two spouses. This process can be complicated, and it is best to seek the help of a professional mediator or lawyer. With the help of a professional, the couple can come to an agreement that is fair and equitable for both parties.

Once the businesses have been divided, each spouse will then need to determine how they will operate their own business. This includes making sure that all licenses and permits are up to date, as well as ensuring that they have the necessary insurance coverage. Each spouse will also need to create a business plan and budget. 

After the businesses have been divided, the couple can then begin to work on their individual business plans. With a little bit of planning, the couple can ensure that their businesses will be successful after the divorce. It is also advisable to get estate planning advice with regard to your businesses. This process can be complicated, and it is often best to seek the help of a professional mediator or lawyer.

Author

Justin Ireland

Justin is passionate about achieving life-changing outcomes for his clients. Justin’s family were farmers in New South Wales before moving to North Queensland where Justin grew up assisting his family to run businesses. Justin turned to the law in his mid-20’s, moved to Bondi Beach and completed a Bachelor of Laws from the University of New South Wales. Justin won a scholarship to go to London to study law at one of the best international law schools, University College London. Justin returned to Sydney and worked for top-tier firm Ashurst and then at DC Strategy in Sydney, before starting Strategic Lawyers, one of North Queensland’s fastest growing and dynamic law firms with an innovative and client-focused approach.

See author's posts