Dividing business assets on divorce is complex and is not a simple 50/50 division. Lawyer Maria Mulroe explains...
When dividing assets in the context of a divorce all matrimonial assets including any business assets are considered. These are assets which are broadly built up by both spouses during the marriage and from cohabitation if that led seamlessly into a marriage. Business assets will usually be classed as a matrimonial asset even if one spouse has had little or nothing to do with the business. Ensuring the smooth running of a business, particularly a family firm, will be a key priority for at least one-half of the couple. While the matrimonial court has the power to make orders transferr...
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