Tuesday, 13 September 2011

How to divorce your dragon

News appears today that Duncan Bannatyne of "Dragon's Den" fame has allegedly stated that he will have to lay off staff within his businesses in order to provide interim support for his estranged wife.  She is reportedly asking for £1,000 per day.

The story raises two issues.  Firstly, one partner (often but certainly not always the wife) will need financial support from the other until a divorce settlement is reached and implemented.  The second is the ability of the payer to provide that support from their own resources. 

Historically, business owners have claimed that their resources are limited and that their businesses have coincidentally run into trouble at the same time as their marriage.  In recent times, those claims and fears may have more validity, especially when set against the current economic climate.  The key question is not so much what a business is worth, but whether it could or should be used to fund interim arrangements and overall settlements.

In many cases, the court will rely on expert accountancy evidence to determine such questions.  The divorce lawyer's skill lies inbeing able to identify issues and ask the right questions on behalf of their clients.  For more divorce advice  follow our family law blog or follow us on Twitter @ Divorce_experts.

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