2.6 Business Assets
Businesses and business interests come in many shapes and sizes.
This could be a Sole Trader, a Ltd Company, an Investment business or some other kind of business structure.
Please use our Document checklist to ensure that you collect the correct business documentation, at this stage.
The Mediator should get a early sense, often during the first joint mediation session or financial disclosure planning session, whether you and your former partner are likely to need a formal joint valuation or whether you can reach an ‘informed fair outcome’ without incurring the cost and delay of this.
Please please do not rush off to spending time and money to obtain your own form valuation, which your former partner may or may not agree with.
The starting point is to complete our financial disclosure booklet, providing the basic information needed (perhaps with a bit of help from your accountant) and then be ready to work together, with the Mediator and your former partner, to obtain more information, if required for the decision-making process.
If you wish to inform yourself about your options, we strongly recommend that you read Chapter 11 of the Divorce Manual- How to treat businesses on divorce. It helps if you and your former partner read this so that you are working from the same information.
Among other things, this chapter will help you understand the kind of valuation information and documentation which may be required for mediation and form a basis for an informed discussion, during the mediation session.
Again, in order to keep things carefully managed, it can often be helpful and supportive for you both to work with one of the Financial Neutrals from our Panel, to help you address these questions, together in and outside mediation, ensuring that the whole process is as contained and constructive as possible
If it becomes necessary to involve a neutral Forensic Accountant to provide a valuation, someone who has not been previously involved with your business, the aim will be to do this as cost effectively and collaboratively as possible and a Financial Neutral can provide invaluable support with this.