Can I sell my business before divorce in the UK?

Yes, you can sell a business before divorce. If you happen to be the exclusive owner of your business, divorce proceedings usually won’t affect your business decisions. However, the court could consider the sale proceeds as marital assets, entitling your spouse to a percentage in some circumstances. 

You must also disclose the sale proceeds to the family court, so think carefully about selling your business before the divorce. If you are unsure, it’s a good idea to get legal advice before doing anything. 

What should I consider before selling a business before divorce?

When is selling a business before divorce a good idea?

How a business is calculated and divided in divorce

If you and your ex-spouse own or have a stake in a business, it is usually valued as part of the financial settlement. For jointly owned businesses, either spouse can arrange a valuation. However, if only one spouse owns a business interest, that person would be the one to request the valuation.

Business valuation is a complex process therefore, appointing an expert lawyer, accountant, and valuer may be important for an accurate evaluation. A business evaluation can be based on the following criteria:

How Can GloverPriest Help?

At GloverPriest, we provide friendly and transparent family law advice. If you would like further help on divorce, please don’t hesitate to speak to one of our expert family lawyers today. Complete our enquiry form.

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At GloverPriest, we understand navigating the law can be a difficult task to take on alone. That’s why we created this comprehensive guide to help promote information for everyone to use.

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