So who owns the business after a divorce ? Its best to seek help of mediator to work out options to go forward. Contact us today
Disputes Over Jointly owned Business
There are a lot of parents who own a joint business. On separation it is important that this business is split or if they decide to carry it forward as it is, they have to split the profits according to a deed.
The profits of the business are one of the most important financial support for a child in case his parents are into a business before separation. Business profits must not be ignored and equally divided between both the parents as well as the child to secure his life.
The assets in a business when valued must be divided evenly between both the parents after separation as there can be a lot of disputes which can rise between all the parties and make the life of the child suffer.
The parents who are earning more by a business can hesitate to contribute in the child’s life. In the eyes of the law, the business profits must be divided equally among both parents and out of that, they must contribute to the child’s life.
The basic needs of a child are to be fulfilled through the financial support and it is equally important that the bonds of the child are fulfilled to fill entertainment in his life so that he doesn’t miss his parents even after separation. Parents must take interest in the life of the child and at least one must be there to take an active part in taking his care.
Many parents understand the importance of dividing business assets among them and many of them don’t. The matter can be very complicated and personal because the situation here is to divide the Assets of the business which can be personal to a parent as well.
Lakes Mediation And Business Ownership Disputes
It is recommended to hire a Lakes Famil mediator to solve such a complicated matter as it includes a lot of numbers to be handled. Dividing the value of assets can be very complicated as every fact must be taken into consideration for example depreciation, personally owned assets, disputes over land and other disputes etc.
Many parents do not communicate the whole information to the mediator as they think that this matter is very personal and this information must not be leaked out. At lakes mediation, we understand that this information has to be kept confidential. If the parents decide to carry on the business as it is the only source of income to them, and they cannot dissolve it and sell the assets, the prophets that the earth from the business have to be divided and equal contributions must be paid to the child for his life. If there is anyone who will take over the business is the child itself. It is not recommended to involve the court into the matter as there are a lot of formalities to be fulfilled and your efforts will be wasted. Instead, mediator is a lot better option for you as he maintains the friendly environment so that your information is communicated thoroughly and they can work upon it.
The decision making process is quick taking into consideration all the facts and figures.
The have a duty to fulfill and help the parents to reach a decision which is done with a mutual consent.
They provide you with the information about the whole process that has to be followed while valuing the Assets and while dividing them in between the parents and the child.