If you control 100 per cent of a limited company, the court may see it as another of your resources which needs to be considered in any financial settlement. However, if there are other shareholders and/or directors, the court will treat it as legally separate and consider the value of your shares or whether you can raise finance in other ways through the business.
Think about how your divorce or civil partnership dissolution will impact on the business and others affected by it, such as employees and suppliers.
If your spouse or civil partner is also involved in the company, remember to agree what will happen to their shares. If they are a director or company secretary, this can easily be changed by completing a form and filing it at Companies House. See www.companieshouse.gov.uk for more details. You may want to seek further advice from a solicitor and/or accountant to help you come to a decision about what to do – see Useful links.
If your spouse or civil partner is an employee of the company then it is likely that you will not want their employment to continue after your divorce or dissolution and you will need to agree what will happen. You should speak to a specialist employment lawyer if this applies to you to make sure that you follow the correct procedures.
