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Checklist for protecting your business on divorce

Your business will be different to any other. It will help everybody involved in the case to have a clear understanding of what it is and how it works.

The process of financial disclosure demands very specific information to be supplied. The Form E asks for the last two years’ accounts and your projected income.

However, it is better to “flesh out” the basic information so that the court can understand your take on the business. After all, you know more about the business than anybody else. You know why it is important to everybody for the business to be protected and not hacked up or have its future prejudiced.

Here are some things for you to think about when presenting your case:

MaximizeWho set up the business and when?

MaximizeWho else is involved in the business?

MaximizeWhat is the position about selling shares?

MaximizeWhat are the main financial benefits you would draw from the business?

MaximizeWhat are the strengths and weaknesses of the business?

MaximizeWhat are your plans for the business?

MaximizeIs yours a “develop to sell” business?

MaximizeDo you intend to sell your business when you retire?

MaximizeIs the business going to be passed to the next generation?