WHEN parties commence divorce proceedings, it is necessary for thought to be given to the division of their assets – especially if the husband or wife runs their own business.
A question was raised before the divorce courts as to whether properties which were owned by the husband’s business formed part of the assets to be divided as part of the financial settlement.
The court decided that although the properties were held by the husband’s company, the properties had in fact been purchased by the husband and the company was holding the properties “on trust” for him.
Therefore these assets should be considered as part of the assets within a financial settlement.
Before purchasing assets for a business you should seek legal advice.
Please contact Laura Bell, an associate in the family department at Lamb Brooks, on 01256 305530 or email her at laura.bell@lambbrooks.com.
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