When business relationships break down, a business asset divorce agreement may be required. Running a business can be challenging at the best of times. Given that a majority of businesses are currently experiencing something closer to the worst, it is understandable that we have seen an increase in enquiries about rights and options with respect to leaving a business relationship - commonly referred to as a business asset divorce. It can be confusing trying to work out what the best course of action is when it comes to business asset divorce.
Before you make any decisions, we encourage you to take a moment to think about the nature of your relationship with your business partner(s) and ask yourself a few simple questions about life before COVID-19:
Once you have turned your mind to the above answers, think about whether the current pandemic is a test you can pass with planning, perseverance and open communication or, whether despite all your efforts, it is an exacerbation of a pre-existing condition which has now manifested. If it appears to be the latter, you cannot delay taking action. The longer you leave things unresolved, the harder it will be to save the relationship and the business. Undue delay will undoubtedly harm both. At this point it is necessary to consider how exactly the assets in a business will be divided and how the relationship will be terminated. Be sure to educate yourself on the government requirements for ending a business.
If it's not working, it's not working. In business, just like in life, partners grow apart. In order to forge a new path for yourself you need to look ahead and not be afraid of your own vision for the future. If you are being held back by memories of loyalty, you need to decide whether there is still a chance of reconciliation or whether you should now begin the process of conscious uncoupling now. It is important not to punish yourself or let nostalgia blind you.
We can help you plan that first difficult conversation and be with you every step of the way to make sure your interests are protected during a business asset divorce. At Melbourne Law Studio, we want to help you find your bearings and your voice.
If you would like to speak to someone about the issues you are facing you can send us an email to info@melbournelawstudio.com.au or book a confidential and obligation free consultation via our website www.melbournelawstudio.com.au.
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Absolutely fantastic service. Highly recommend. The team at Melbourne Law Studio was very helpful and professional keeping me updated at all stages of the process providing the best of guidance and clarity in my personal matters. Demi was outstanding in the services provided from start to finish, very helpful and insightful with prompt responses to all my queries, making the whole process far less stressful. Thank you Ines, Demi and the team for helping me move on with my life. I would highly recommend Demi and the MLS team as a whole.
Melbourne Law Studio was a beacon of hope during a very challenging time in my life. The staff was empathetic, knowledgeable, and professional. They guided me through every step of my family law matter, providing clear explanations and support. I felt reassured knowing I had a strong team advocating for my rights. I am grateful for their hard work and commitment to achieving a fair outcome.
Going through a separation was one of the toughest experiences, but Melbourne Law Studio made it feel manageable. Even though it could get emotionally overwhelming, I could see a light at the end of the tunnel. Ines was patient, listened to all my concerns, and treated me with respect and kindness. She has a really easy demeanour about her and I felt like her and the team had my back every step of the way. I can’t thank MSL enough for their support.
After my separation, a friend suggested I reach out to Ines at MLS. From the start, she was not only professional but also genuinely supportive and open about the process, costs, and the likely outcomes. Her approach was in line with my goal of reaching a fair and amicable resolution. I’m really grateful for her kindness and attention to detail. Thank you
From the first call I felt like I was in the right hands with Melbourne Law Studio. They were friendly and made me feel heard. Ines and her team went above and beyond to make sure I understood all my options and helped develop a strategy to get the best result in what was a really messy parenting dispute. Their personal approach and genuine care made me feel like I was always welcome to call them and see what was happening or what was next, the waiting sometimes for the other side was hard so I’m truly grateful for that.
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