December 21, 2020
Achieve Your Life Goals Series: Understand how your Relationships can affect your Business
SPEAKERS: LOUISE ALLARD AND SABRINA BAILEY
HOSTED BY: FRESH BUSINESS THINKING
DATE: TUESDAY 19TH JANUARY 2020
WATCH REPLAY: CLICK HERE
HOSTED BY: FRESH BUSINESS THINKING
DATE: TUESDAY 19TH JANUARY 2020
WATCH REPLAY: CLICK HERE
In a time when both our business models and personal relationships are being tested to their limits, it is important to understand how the breakdown of a relationship can affect your business.
This webinar is essential viewing for all entrepreneurs who are:
- Married or considering marriage in the future
- With a business partner who is married or might get married in the future
- In business with their romantic partner
- Employing their romantic partner
- With business loans secured against a jointly owned residence
Because…
Your spouse could “own” 50% of your business, even if they have never been involved with it.
What does this mean?
If you separate you might need to “buy them out” or give them shares in the business. There are also tax implications.
In this webinar we will consider:
- Real-life separation case studies from business owners who started their businesses before and during marriage, including horror stories that you will want to avoid.
- Cost-effective legal steps to help you protect your business whilst ensuring you can provide fairly for your spouse, including pre-nups, post-nups, cohabitation agreements and trusts.
- Practical tips for anyone considering divorce who does not have protections in place.
- Legal strategies to negotiate a fair outcome for everyone.
Why can we talk to you about this? As law firm specialising in Family and Private Wealth firm, we help entrepreneurs, directors and investors to protect their professional interests from personal life events, so they can achieve their lifetime ambitions and leave the legacy they intend. We also deal with the legal fall-out for those who do not take these steps.
Other Allard Bailey webinars for Fresh Business Thinking:
- How to use the law to align your personal and professional goals so that you can maximise growth in all areas: View here.
- How to protect your business from events in your personal life that can have a significant impact, such as your unexpected incapacity, death or personal debt: View here.
Filed Under: Insight
INSIGHT|May 31, 2017
Postnups on the Rise
Most people have heard of a prenuptial agreement (prenup), but less have heard of her little brother the postnuptial agreement (postnup).
A postnup is signed after the wedding, and very much like a prenup, sets out the couple’s intentions as to what will happen to their their assets if they separate at a later date.
Like prenups they should be entered into freely, couples should have the benefit of independent legal advice and both parties should have a clear idea of the marital assets before any agreement is signed.
Advice should be taken to check they meet the necessary criteria, but the question is are we losing sight of romance and frankly why the increase in postnups now?
A postnup is signed after the wedding, and very much like a prenup, sets out the couple’s intentions as to what will happen to their their assets if they separate at a later date.
Like prenups they should be entered into freely, couples should have the benefit of independent legal advice and both parties should have a clear idea of the marital assets before any agreement is signed.
Advice should be taken to check they meet the necessary criteria, but the question is are we losing sight of romance and frankly why the increase in postnups now?
INSIGHT|June 2, 2017
Do I need a Prenup and do they work?
In the days leading up to a wedding there are fewer statements less romantic that asking your betrothed to take some independent legal advice about a prenup.
No one wants to think about separating before they are married, but the reality is relationships do break down and pre-nuptial agreements (or prenups) are increasingly becoming a feature of modern marriages and civil partnerships.
It can be tempting to concentrate on the dress and the party, but marriage is a contract and a contract that confers significant rights on your intended. If a marriage or civil partnership does breakdown, then those without a prenup run the risk of years of protracted litigation over the marital estate. If you have significant assets before you marry, or perhaps you want to ensure existing children are looked after no matter what, then a prenup might be worth considering.
No one wants to think about separating before they are married, but the reality is relationships do break down and pre-nuptial agreements (or prenups) are increasingly becoming a feature of modern marriages and civil partnerships.
It can be tempting to concentrate on the dress and the party, but marriage is a contract and a contract that confers significant rights on your intended. If a marriage or civil partnership does breakdown, then those without a prenup run the risk of years of protracted litigation over the marital estate. If you have significant assets before you marry, or perhaps you want to ensure existing children are looked after no matter what, then a prenup might be worth considering.
INSIGHT|March 4, 2018
5 Tips to Cope with Family Law Proceedings
There is no getting away from the fact that family proceedings of any type are extremely stressful.
In particular, the lead up to a final hearing understandably triggers off a high level of anxiety and fear of the unknown.
These feelings inevitably have an impact on day to day life.
We have put together some tips we hope will help our clients through this difficult period:
In particular, the lead up to a final hearing understandably triggers off a high level of anxiety and fear of the unknown.
These feelings inevitably have an impact on day to day life.
We have put together some tips we hope will help our clients through this difficult period:
INSIGHT|January 4, 2019
Single Parents can now Obtain Parental Orders in UK
Great news for single parents who have, or would like to have, a child born through surrogacy. A new reform has come into force that allows single parents in the UK to make an application for a Parental Order, which identifies them as the legal parent of their surrogate-born child. A right previously granted only to couples.
This is important because under UK law the surrogate mother (and her spouse or civil partner if she has one) automatically becomes the child’s legal parent(s), even if there is no biological connection between them. The Parental Order extinguishes these automatic parental rights and transfers them to the child’s intended parent(s).
It is important to note that the normal criteria for applying for a Parental Order still applies, with the added caveat that the intended parent must have a genetic link to the child. Therefore, this change only assists single parents who use their own eggs or sperm.
This is important because under UK law the surrogate mother (and her spouse or civil partner if she has one) automatically becomes the child’s legal parent(s), even if there is no biological connection between them. The Parental Order extinguishes these automatic parental rights and transfers them to the child’s intended parent(s).
It is important to note that the normal criteria for applying for a Parental Order still applies, with the added caveat that the intended parent must have a genetic link to the child. Therefore, this change only assists single parents who use their own eggs or sperm.
INSIGHT|August 1, 2019
What You Need to Know Before Travelling Alone with Your Children
If you are leaving the country alone with a child, you may need to take extra documents with you to establish your relationship and that you are travelling with the proper consent.
Why?
Put simply, this is to protect children from abduction (one parent removing a child from the country without consent from the other) and trafficking.INSIGHT|August 5, 2019
Co-Parenting Tips for Your Children’s 1st Holiday Without You
When parents separate, the most common pattern of contact involves sharing care of children with the non-resident parent for alternate weekends and for half of the holidays. Although most parents accept that this arrangement is in the best interests of the children, it is not unusual to feel a sense of grief or loss when the holidays come around.
INSIGHT|September 2, 2019
Disputes about who should Pay Private School Fees
When parents separate, it is not uncommon for their children’s education to become an area of disagreement. Perhaps one of you was more willing to compromise when you were together, or one parent’s priorities have changed now they are living away from the family home.
Parents who have a child or children in private school, or who had previously agreed that their children would attend private school from a certain age, can find themselves in dispute about who can and should pay school fees. If you are focused on what is best for your child(ren), it can seem very unfair, especially if your ex has started a second family and is refusing to pay school fees because of this.
INSIGHT|September 19, 2019
5 Things to Consider when you are Thinking about Divorce
When the problems in your marriage have come to a head and the relationship has broken down, it may be time to take steps towards a fresh start.
The breakdown of a marriage is a difficult time for most spouses and there are often many competing interests and emotions. It is not always easy to know where to begin or the best way to go about it.
We set out some practical tips to guide you through the first steps of preparing for divorce.
INSIGHT|September 30, 2019
Co-parenting Disputes About School Applications
Most parents want to give their children wings to fly and believe that education is an important part of this.
As children settle into the new school year, many families are turning their minds to school choices for 2020, either for primary or secondary education. State secondary school applications are normally due by the end of October and primary applications can usually be made between November – January. It is important to check the closing dates with your local education authority for state schools and with the school admissions team at private schools.
INSIGHT|October 16, 2019
Common Myths about Adoption
According to statistics released for National Adoption Week, there are more than twice as many children waiting to be adopted in England as there are approved adoptive homes.
If they are all to find new families, there is an urgent need for more adopters to come forward, but many people do not know they are eligible to adopt - or as some might say, become a hero.
We therefore tackle some of the common myths about Adoption in this country and share some lesser known facts that might help you to start your adoption journey.
INSIGHT|October 24, 2019
What can you do if you are experiencing Domestic Abuse?
Many people believe that domestic abuse, also known as domestic violence, is limited to physical acts such as pushing, slapping or hitting another person. This is not the case.
The government’s definition states that domestic abuse includes behaviour that is “controlling, coercive, threatening, violent or abusive" and that it "occurs between people aged over 16”. Although domestic abuse is often thought of as a gender crime, it is important to note that such abuse affects both men and women and includes “psychological, physical, sexual, financial and emotional” mistreatment.
INSIGHT|November 19, 2019
Dads Putting Their Children First
As it is both International Men’s Day and World Children’s Day this week, we take a moment to highlight the importance of the father child relationship and consider the impact that parents separating can have on this bond. We hear from our very own Ayse James, who lived with her Dad after her parents divorced, and share some practical advice from her Dad, as well as our lawyers.
INSIGHT|December 16, 2019
The 12 days of a Healthy Christmas Divorce
For some couples, Christmas is a last test of their relationship before making the final decision to separate. Others, who made that decision earlier in the year, stay together for one last Christmas - usually when children are involved. The goodwill does not have to end there. Preparation and calm can help you to reduce the strain and cost of separation on a 12-step journey.
INSIGHT|February 14, 2020
LGBT Parenting: What does Surrogacy mean for Gay Couples in UK?
Two years ago today British Olympian Tom Daley and his husband Dustin Lance Black shone a spotlight on surrogacy by announcing they were going to become Dads. Although there are relatively few families formed through surrogacy in UK due to restrictive regulations, surrogacy amongst gay couples is believed to have increased by 50% in the last 5 years.
This blog looks at how gay men can father a child through surrogacy here or overseas and become the legal parents in UK.
INSIGHT|March 9, 2020
LGBT Parenting: Is Artificial Insemination More Complicated for Lesbian Couples?
Deciding to have a baby with your partner can be one of the most exciting times in your life, but is it more complicated for same-sex female couples to be recognised as the legal parents of a child born through artificial insemination?
It is fair to assume that if one of the child’s intended parents is the birth mother, she will not face any legal complications. In UK, birth mothers are automatically recognised as a legal parent with parental responsibility for a child, even when they have been inseminated with donor sperm or eggs.
INSIGHT|March 20, 2020
COVID Child Contact Plans
**On 24 March 2020 the Family Court issued specific advice, you can refer to our latest blog for the most current information.
INSIGHT|March 25, 2020
Further Advice on Child Arrangements during the Coronavirus (COVID-19) Crisis
Whilst the country faces a COVID-19 pandemic, many separated parents have been understandably concerned about their ability to meet the requirements of Child Arrangements Orders made by the Family Court.
On 24 March, the Rt. Hon. Sir Andrew McFarlane, President of the Family Division and Head of Family Justice, published advice for parents and guardians.
INSIGHT|March 30, 2020
Why You Should Update Your Will As Soon As You Decide To Separate
If you have already made the difficult decision to end your relationship, it is likely that you would not want your former partner to benefit from your personal estate.
Many people think of updating their Will as a final step after their divorce or separation is finalised; but waiting can leave your intended beneficiaries vulnerable.
INSIGHT|April 6, 2020
Business Owners Should protect their operations in case they are incapacitated by Coronavirus
As Coronavirus spreads throughout the country, it can no longer be viewed as something that will only affect the vulnerable.
If only one person is authorised to make financial decisions, you need to think about what will happen if they become temporarily incapacitated by COVID-19.
A Lasting Power of Attorney (LPA) could assign specific authority to someone else whilst you are unable to work, but few business owners have these in place. LPA’s must be lodged with the Office of the Public Guardian and usually take up to 2 months (sometimes longer) to become legal. If you do not have an LPA already, it could be too late to set one up before you need it.
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As a specialist firm, we focus on all areas of family law and legal matters that affect private wealth. Our solicitors are experienced, realistic and focused on achieving the best results for you and your family.
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