A Legacy Intact: safeguarding your family business in the event of divorce - Book - Page 10
Exposure
As a family business owner or shareholder, the legacy you are building
for the generations that will come after you is likely a prime concern. If a
marriage at the heart of your business comes to an end, that legacy can be
put into jeopardy and control taken out of the hands of the family. If a Court
is required to rule on a division of assets, the resulting financial order could
detail lump sum payments as well as have an impact on shares, property and
pensions. In coming to a decision the Court will consider multiple factors
PA RT
such as the duration of the marriage and the current standard of living and
IF YOU ARE A BUSINESS-OWNING
FA M I LY, W H AT I S AT R I S K W H E N A
needs of each spouse. Beyond the obvious upheaval inherent in navigating
MARRIAGE BREAKS DOWN?
are other considerations including the potential for considerable reputational
1.
the end of a relationship – and the knock on impact on any children – there
damage. If a shareholder is party to litigation proceedings, those may not be
private and could be reported publicly.
A LEGACY INTACT
