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How to best protect your interests in the event of a relationship breakdown
Manage episode 432860687 series 3363549
Innhold levert av Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.
In this episode, Stuart and Mena delve into the crucial topic of protecting your interests in the event of a relationship breakdown, especially when owning a business or investment entity. They discuss proactive steps to take when entering a new serious relationship, including setting up a Binding Financial Agreement (BFA) with the help of a reputable family lawyer, structuring business affairs thoughtfully, and ensuring both partners have independent financial, legal, and accounting advice to avoid conflicts of interest.
For those already in business, Stuart and Mena outline what to expect during a relationship breakdown. They emphasize the importance of a business valuation, particularly if it involves personal goodwill or exertion, and highlight the need to account for taxes in financial splits. They also discuss tax rollovers to guide asset division effectively.
The conversation touches on the emotional toll of a relationship breakdown and the necessity of planning who can manage business affairs during such times. Additionally, they recommend considering buy/sell agreements to stipulate business operations post-breakdown if both partners are involved.
Tune in to gain valuable insights and practical advice on safeguarding your business and financial interests in the event of a relationship breakdown, ensuring you're prepared for any eventuality.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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