Is a limited company protected from divorce in the UK?
One of the worrisome parts for the business owner during divorce is whether their company is affected by the legal proceedings. A limited company is an isolated entity, separate from personal issues. But this isolation does not mean it will not be affected by divorce. UK laws know the distinction between business and personal life stuff but in some cases, they still consider the inclusion of business in divorce settlements.
Can my spouse take half of my limited company?
Division of a business after a divorce is a bit complicated when the question arises whether my ex-spouse claims ownership of half of my business. Irrespective of divorce law considers businesses a separate identity, but if the company grew during marriage court will look at the value of the limited company as part of the assets.
So, the big question arises: Is a limited company protected from divorce? The matter while considering the division of the company after divorce depends on a variety of factors such as spouse involvement in the business, how much business grew during the period of marriage, and how both of the parties doing in terms of money. Keep in mind that it not might always be an even split but the spouse still gets a part of it.
Divorce Accounting: Sorting financial complexity
Dealing with a divorce introduces financial complexities that must require some expertise. Divorce accountants are special financial experts who know exactly the worth of your business. They figure out things carefully and can tell exactly how well your business is doing in terms of money and how worthy it is for the future.
Divorce accounting is the best solution in this matter. They help both of the parties understand the company’s worth and how it involves in the divorce settlement, by preventing unfair results. These Accountants perform unbiased evaluations of the business to make sure a smoother financial division of the assets after divorce.
Divorce Accountant’s Role:
They make sure that both divorce parties understand the money stuff well and none of them feel like they are getting a bad deal out of it. They help to figure out taxation matters, investigate financial papers, and can give testimony in court if needed.
Conclusion:
If you own a business like a limited company, the process of divorce is a big deal, and it must need expert guidance. During divorce settlements, your limited company is not fully protected, and it depends on different factors. So, in this whole complex scenario, it must need to consider some experts to fully understand divorce accounting. In this way, both parties can work out well and things can be smooth during the process.
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