How Your Separation or Divorce Can Affect Your Business in Ontario!
Don’t even think about going any further in dealing with your separation or divorce as a business owner until you watch this video.
You’re already dealing with tons of frustration and anxiety in handling your separation or divorce. Now you’re wondering what’s going to happen to your business in these tough circumstances.
That’s completely understandable in this type of situation.
I will discuss in this video some important considerations on how your separation or divorce can affect your business.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
Please remember to like this video and subscribe to my Youtube channel if you have not done so already.
When you are married, you will have to put down the value of your business on the date of separation as part of the value of your assets in figuring out the family law property formula in Ontario.
You need to have a business that you can actually sell in order to put down a real value for your business. If you are simply selling services, your business might not have too much value.
You certainly have to list the value of any real estate that is associated with the business. For example, if you own a building from which you run a business, you certainly have to list the value of the real estate in your Financial Statement.
If the business formally owns real estate, the value of that real estate will be part of the value of the business that is listed in your Financial Statement.
You might have to get a formal business valuation of your business to determine the true value of your business if you can actually sell your business to a third party.
If you and your wife are partners in a business, that situation can really cause problems for you. Many spouses cannot continue to work together. You should explore how you can purchase your spouse’s interest in the business.
You might have a Shareholder Agreement that sets out how a partner can buy out another partner’s interest in the business. Carefully review the terms of your Shareholder Agreement if you have it.
Another issue is that your child support and spousal support will be based on your income from your business.
Just remember that your reported income for tax purposes is not necessarily the income that will be accepted for determining the payment of child support and spousal support.
If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction.
Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group
Please make sure to share this important information and video with your friends, family members and co-workers so that it helps more people avoid serious problems in their separation or divorce before it’s too late.