Dealing with your Business in your Property Settlement

What happens to my business in our Property Settlement 

It is important to consider how a business is treated in a property settlement.

Any business, whether it is owned by the parties jointly, only by one party, by a company or in any other way, must be dealt with as part of your property settlement.

Property to be considered as part of the property settlement will usually include any business interests of the parties.

The value of the business interest will need to be determined.

The Court has a broad discretion to make orders against a business.

There are some circumstances which may require that a business be joined as a party in court proceedings.

Among other things, the Court can make orders (with or without the consent of the parties) as to:

 

 

• Change the ownership of the business so as to give the former spouse full or partial ownership;
• Substitute one spouse in relation to any debts owed to the business.

 

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