11th June 2019
When you run a business as a family your work life and home life can feel inextricably linked.
Starting and running a successful business is a challenge in itself. When you add spouses, children or other family members into the mix it can make for some difficult situations if things don’t go to plan.
The rewards of working alongside your partner can be great, but if things go wrong you can potentially risk your marriage, family relationships and your business. Running a business with your husband or wife requires discipline, trust, honesty and a strong relationship both personally and as business partners.
From the offset it is good, sensible planning to protect both parties in the event of a relationship or marriage breaking down. Nobody wants to think about their relationship coming to an end, but in reality if you are running a business you need to assess all the associated risks and plan accordingly.
A conversation with a Family Law Solicitor together with a Company Commercial Solicitor will help give you some understanding on how to structure the business and also what levels of protection you need to put in place. Shareholders agreements, pre-nuptial agreements and a well thought out Will can all help things run smoothly should things take a turn for the worse. This will add peace of mind and a layer of protection for both you, and the business.
If you are separating and you co-own your business with your partner or spouse, then we are well-placed to advise. At Lamb Brooks we see many clients who co-own businesses or have shared business assets. These can be tricky to navigate when separating. Dividing assets, agreeing on finances and pensions can require specialist advice, skilful negotiation and some creative thinking, particularly if one or both parties wish to continue to run the business. We have the skills and expertise within our specialist team to navigate you through the commercial maze, and we have excellent working relationships with other experts in the field, such as accountants, tax specialists and company valuers, to provide you with detailed advice and peace of mind.
Rob Parker, Head of the Family Law Team at Lamb Brooks regularly assists clients that own businesses and can give robust advice whether they are starting a new relationship or going through a separation.
For more information or for a confidential conversation please call Rob Parker on 01256 844888 or email rob.parker@lambbrooks.com
"From the very moment I started working with the family team at Lamb Brooks I was confident and relieved that they had the best interests of my family in mind. They have supported me and my case and worked relentlessly to ensure the best possible outcome. I can't thank you all enough for what you have done."
VL
Partner & Head of Family Law Team
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Lamb Brooks LLP
Victoria House 39 Winchester Street Basingstoke Hampshire RG21 7EQ
f: 01256 330 933
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