A Legacy Intact: safeguarding your family business in the event of divorce - Book - Page 16
If the cohabitees have no children
1.
Child maintenance, which can
For an unmarried couple, it is unlikely
Whilst
that the award for the benefit of a
scenario, the ability for a company
child could ever include the transfer
to raise funding or for an individual
this
is
a
very
unusual
together, any claims are strictly
include the cost of a nanny,
limited to those arising out of
school fees and, in some cases,
property law if the parties owned a
university education;
of a shareholding unless it is the
shareholder to use their shareholding
A capital sum for costs
only asset available.
as
claims that he or she has an
referable to the child, for
the Family Court would most likely
considering. It is worth noting that
interest in a property owned by the
example, a car or the cost of
deal with the matter by ordering, for
a cohabitee potentially has more
other. The risk of an attack on one
equipping the child’s home; and
example, the purchase of a property
extensive rights upon the death of
by the shareholder for the benefit
their partner than upon separation:
of their ex-partner and child on the
if the financially stronger partner
basis that the company would raise
dies during a cohabiting relationship
finance enabling funding to be made
and
available.
provision under his or her Will for
property together or if one partner
2.
cohabiting partner’s shareholding in
3.
A transfer or settlement of a
a family business upon separation,
property for the purpose of
however long the relationship might
providing a home for the child
have been, is therefore negligible.
during his or her minority. This
can extend until the completion
Even then
security
does
is
not
therefore
leave
worth
sufficient
If the unmarried couple have a
of secondary or tertiary
child together, the Family Court can
education. The property is then
the financially weaker partner, he or
make the following orders for the
returned to the parent who
she potentially has a claim against
benefit of the child:
funded or provided the property.
16
ACCORDING TO THE
INSTITUTE OF
FA M I LY B U S I N E S S
RESEARCH
FOUNDATION,
I N 2 0 1 9 FA M I LY
BUSINESSES
CONTRIBUTED
£637BN TO UK GDP
the deceased’s estate under the
Inheritance (Provision for Family
and Dependants) Act 1975.
A LEGACY INTACT - EXPOSURE
