"Can My Ex Claim Part Of My Business?"

For business owners, the business itself often feels like another valued member of the family, and something which has been built up from nothing, with blood, sweat and tears. Because of that, it is often also true that when a marriage comes to an end, aside from the pain of loss of the relationship itself, concern for the business also quickly rises up to be front and centre of the list of concerns.

If the business has been built up during the marriage, it is very likely to be considered matrimonial in nature, which means it is likely to be included within the “matrimonial pot”.  It is the value of the business interest which will be assessed and considered when dividing the overall matrimonial pot. Rest assured that the Court tends to be flexible when considering any division of the value in a business, one goal being to preserve its ongoing viability. 

To answer the question, it is likely an ex spouse can claim an interest in a business, where that business has been built up during the marriage, but how much of its value can be claimed depends entirely on your specific circumstances, and what other assets might be available for distribution.

If you would like to explore your circumstances more with one of our specialists, we would be happy to assist you.

Disclaimer: News articles may have been partially produced using AI