The most difficult cases to resolve are those where the parties have been
running a business together. Often both want to continue. Only rarely is this
possible. In such cases the business will either have to be sold to a third
party or one party will have to be bought out by the other.
On 26/10/2000 The House of Lords in the case of White v White made Legal
history by suggesting that when dividing assets on divorce the Court should
depart from equality only if and to the extent that there is good reason for
doing so. Although the Court stated that this was not to be taken as a Legal
presumption in every case it is bound to make it easier for wives who stay at
home to look after the children whilst their husbands pursue careers to share in
the family capital.
Where one party has been running a business which is the family's principal
source of income, a Court is not usually interested in the overall value of the
business since it needs to continue in order to provide income for the family.
Valuations are expensive and tend to be relevant only in a small number of high
value cases. It is relevant however, to consider what retirement and other
potential benefits will eventually accrue to the party running the business in
the future.