Paying Tax on business when divorcing

[mitzycat]

HI,

I own a business with my husband in a ltd company of 50/50 shares and my name is on all deeds as joint owner.  If we were to sell the business and land due to getting divorced would I be liable for tax on my 50% as it is within a divorce.

Also I have a partnership business which entails land my name is again on the deeds as joint owner and again would I be liable for tax on divorce of this land.

Anyones help on this matter would be appreciated

[Harley]

Your question cannot be fully answered without some more information but broadly speaking if you sell the business at a profit you may be liable to Capital Gains Tax. if you have had the business before 1995 rate of tax reduces down to 10%. The divorce is not an issue you would pay tax if you were still married and sold the business. If you intend to leave the assets with your husband and take a cash settlement you would still be liable to tax on your profit.

[wolfygecko]

I own a business and bought it shortly after I was married everything is under my name. During a divorce can my wife take half of the business? If so how does that work? Do I pay 50% of what the business is worth to her or does she not have to give up the part that is her's.  Is she even eligible to having part of the business, if it's not under her name. I also have two daughters. What advise could you give me in this type of situation.