During separation or divorce, ownership of a business by either party can create a range of complex legal issues. These cases require a family law lawyer with in-depth understanding of issues unique to businesses and business owners in Nova Scotia.
Often, the business may be one of the largest assets owned by either spouse. When couples separate or divorce in Nova Scotia, business assets are not normally considered matrimonial property. There can be exceptions, however, such as when a spouse has made contributions to the business or is a shareholder in the business.
The business may be the livelihood of one or both spouses. It is often necessary to closely examine the business owner’s income structure and pattern of income, as well as the finances of the business itself, to determine the business owner’s income for child or spousal support purposes.
When dealing with the division of business assets, we work with experts, such as accountants and valuators, to provide advice tailored to your unique situation. At MDW Law in Halifax and Bedford, our team of experienced family lawyers will help guide you through the factors of family law unique to business owners and former spouses of business owners.