What business professionals need to consider when facing divorce
Divorce Solicitor Stuart Smallman from The Family Law Company takes a look at what particular considerations there are for divorcing business people whose personal and professional lives are often deeply intertwined.
“Embarking on the path of divorce can often resemble navigating a complex labyrinth,” Stuart says. “Each step taken not only requires a judicious foresight but a dose of bravery, to think collaboratively even in times of personal upheaval.”
Stuart suggests that while this approach to divorce can be more challenging, it fosters a conducive environment for both spouses to work through the divorce process amicably. “I always tell my clients that it’s a good idea to have a plan, and I’ll work to get them there - if it’s achievable. If their plan is to live in a mansion or a palace but they currently live in a two up two down, then expectations my need to be lowered, at least for the present. My advice is to be realistic and ‘seize the day’.”
One of the first steps for any professional is to acquire a sound understanding of the UK’s divorce laws. Engage with the best divorce lawyers who can delineate your rights, responsibilities, and potential impacts on your business assets. “This is where a specialist family law firm adds value. Not only will it provide opportunity to keep your personal law and business law separate, but business professionals will have a large team of specialists who understand the nuances of family law.”
Stuart says it is really important to provide financial transparency and give a full and truthful account of finances which should include capital assets, income from all sources and liabilities. This will serve as a solid foundation for an equitable settlement.
“One of your key concerns will, of course, be your business. Obtaining a precise valuation of your business assets is crucial. An experienced family divorce lawyer can provide invaluable insights and strategies to safeguard your business interests.”
At the same time, Stuart suggests, it’s vital not to ignore personal wellbeing. “Business professionals - and especially professional men - often don’t open up about their feelings and tend to speak less about their mental health. Build a robust support system of friends, family, and professional advisors. Emotional backing, paired with professional guidance, can provide a stable anchor through the divorce process.”
Consider mediation as an avenue for fostering amicable settlements. “It promotes a collaborative environment, offering a confidential and cost-effective alternative to courtroom battles.”
It’s a good idea early on to start envisioning your financial landscape post-divorce. “Engage financial advisors to discuss strategies on asset management, pensions, investments, and ensuring future financial security. A good legal team will have a network of specialists who can help, or you may have those you trust from your business connections.”
Those beginning the divorce process with business intricacies will benefit from a meticulously structured plan. The Family Law Company offers a free half-hour confidential consultation to discuss your unique circumstances and the best options for you.
Get in touch with Stuart by calling 01392 421777 or via email: enquiries@thefamilylawco.com
