Resources

Family Law Resources for Small Business Owners

What is spousal maintenance and how does it work?

What is spousal maintenance and how does it work?

Spousal maintenance can be ordered by a court or awarded by arbitrator where one person is in a difficult financial position following a separation and requires funds to be able to support themselves. Section 72 (1) of the Family Law Act provides: “(1)  A party to a...

What happens to a family trust in a divorce?

What happens to a family trust in a divorce?

It is common for families to set up a family trust during the course of their relationship, usually upon the advice of their accountant. It is especially common for people who own their own business and they are often used to legitimately split their income in order...

Case Study: Divorce in a Family-Owned business

Case Study: Divorce in a Family-Owned business

Bill was the part-owner of a small business he owned and operated with his parents and other family members.  The business was established by Bill's father and uncle and had operated for many years.  Part of the business was a fruit store which Bill managed. Bill had...

How are business assets divided in divorce?

How are business assets divided in divorce?

There are no hard and fast rules about how business assets are divided in a divorce. In many cases, one person will retain all of the business assets because it has been primarily their business. But it probably won’t be straightforward.  Often the other party has an...

What is and isn’t included in a family law business valuation?

What is and isn’t included in a family law business valuation?

It is common for a business valuation to include the business interests of both parties where they each have an interest in a business or the same business. Exactly what those business interests include is open to negotiation. It is often determined by the forensic...

How is the value of a business determined during a divorce?

How is the value of a business determined during a divorce?

If one or both spouses or partners owns or has an interest in a business their interest in the business will generally be included in the pool of property of the parties available for distribution. The value of the business or interest in a business can either be...

How does a divorce work when you own a business together?

How does a divorce work when you own a business together?

Separating from your spouse or partner when you own a business together is challenging. It can also be heartbreaking. It could be the main source of income for both of you. Both of you might want to retain the business so you have a job, an income and a purpose. So...

The Show Must Go On...

A Guide to Help Small Business Owners Better Understand & Navigate The Separation Process.
The guide includes:

  • An overview of the impacts a separation can have on your personal life & business.
  • A summary of the complexities small business owners will face when going through a separation.
  • An explanation of the family law process that small business owners will face.
  • Ways small business owners can limit the stress and impact that their separation has on their business.