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June 17, 2011 Hits: 34 
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Businesses often form a central part of any divorce or civil partnership dissolution. You may need to get your business valued by an accountant who specialises in valuing businesses for divorce purposes, called a forensic accountant. However, this can be expensive, especially if you disagree about how much the business is worth and each pay for your own valuation. Try to agree what you think it is worth and how to deal with it, so as to avoid this expense. Sometimes a valuation of the business won't be necessary, so speak to a solicitor first – see Useful links.
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You will need to deal with joint bank accounts as part of any financial agreement or order. Usually these are closed or transferred into the name of one of you. You and your spouse, civil partner or partner will use accounts set up in your sole names moving forwards.
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June 17, 2011 Hits: 36 0
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A fair settlement takes account of all of your and your spouse or civil partner's assets (whether in your own name or joint names, or held by others on your behalf) and to divide them in any way the judge thinks is fair having reference to certain factors including the needs that each of you have.
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The court can deal with pensions in one of three ways: pension sharing; pension off-setting; and pension attachment. This section explains what these are.
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A court will have sympathy with an argument that an inheritance received by one of you should not be shared equally when deciding how to divide things between you. However, the inheritance will often have to be included if that is the only way to meet everyone's needs, including those of any children.
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If you control 100 per cent of a limited company, the court may see it as another of your resources which needs to be considered in any financial settlement. However, if there are other shareholders and/or directors, the court will treat it as legally separate and consider the value of your shares or whether you can raise finance in other ways through the business.
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Maintenance for a spouse or civil partner is usually paid monthly and part of the overall financial settlement (see Maintenance for children for details of how their needs are met) and is designed to:
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You can agree how you divide belongings, savings, investments and other assets and liabilities between you in whatever way you like. However it may be useful to know how a court would deal with your situation and what it would consider to be a sensible outcome and you may wish to take this into account in your discussions.
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June 17, 2011 Hits: 32 0
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If you and your spouse or civil partner are in partnership together, you may not want to work together after divorce or dissolution. Think about how this will impact on the business and others affected by it, such as employees and suppliers. If there are other partners involved, you may be able to keep the partnership going after your spouse or civil partner leaves. Think how much it will cost you to buy out your partner's share. If you have signed a partnership agreement, the procedure for partners leaving will be contained in that agreement.
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June 17, 2011 Hits: 28 0
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Pensions can be very valuable assets, and need to be carefully considered in any financial settlement. The first thing to do is to get a valuation for the savings or rights you and your spouse or civil partner each have in any pension schemes from the scheme administrator. These may be schemes you have through work, personal pension schemes and any additional state pension (part of the state pension scheme) – see the pensions and retirement section of our website for more information.
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June 17, 2011 Hits: 40 0
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The courts will encourage you to decide between yourselves how to divide personal possessions and the contents of the family home. Consider using any insurance values you already have for antiques, collectibles or jewellery, as a guide or getting them valued by an expert (although this can involve a fee).
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June 17, 2011 Hits: 23 0
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Try to agree who keeps any pets. Consider the cost of keeping them such as food, vets' bills and insurance, and also think about whether you can meet their welfare needs, for example if you work long hours and do not have time to walk a dog.
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June 17, 2011 Hits: 33 0
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You may have other property, other than the family home, such as a holiday home, timeshare or property that was bought as an investment and rented out. For details about how the family home is dealt with see living arrangements.
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June 17, 2011 Hits: 30 0
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The court will consider the savings and investments that you each own and may decide that one of you should pay a lump sum from your savings to the other. This can be in one go or a series of payments over time.
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June 17, 2011 Hits: 28 0
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If you work on your own and have not set up your business as a company, you will be a 'sole trader'. This type of business means you are in control of the business assets, but are also personally liable for the business debts. This is important if you are thinking of using the business to raise money for your divorce or dissolution settlement.
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