ONTARIO FARM, PROFESSIONAL & BUSINESS DIVORCE LAWYER
Divorces or common law separations involving self-employed individuals can become complicated from a math valuation perspective. Especially difficult is divorce or separation where one or both spouses are farmers, professionals or operate significant businesses that both spouses might contribute to in some way. Burning issues include:
- Were both spouses involved in the farm, profession or business, and thus entitled to a share of it upon relationship dissolution?
- How much is the farm, profession or business really worth?
- How much income should be attributed to the farm, profession or business for child and spousal support purposes?
Even where spousal involvement in a venture is not disputed, a capital rich but cash poor business can be very difficult to deal with in a family dissolution where one party wants to be bought out, the other party can't afford to do that, there may not be an open market in which to sell the business, and its sale may destroy the earning potential of both spouses leading to child and spousal support becoming highly problematic.
Creative solutions may be needed in dealing with farm, professional and business divorce. We work with clients in these situations, including involving a team of experts to determine proper values and craft creative financial solutions to preserving a business while letting one spouse exit from the situation.