Small businesses are on the up. Rising an astonishing 760,000 since 2010 to a now record 5.2 million, as government’s report on small firms covering the 2010-2015 period reveals.

When launching a new business, just be aware of the impact that a divorce can have on the business further on down the line.

The majority of small business owners are aged between 35 to 54. Coincidently, the main ages of divorce are 40-44.

So, when someone gets a divorce, anything they own could be considered a matrimonial asset. That means the husband and wife could fight over anything from a house, to a car to – yes you guessed it – a stake in a business.

Remember that any business can be under threat from a relationship breakdown, whether or not the spouse has anything to do with it.

You can make insurances for this, by considering a pre- or post –nuptial agreement, which would help you protect the business from any fallout from a divorce. The benefit of this is clarity for everyone involved, that includes potential business partners. That’s not to say that marriage without a pre-nup has to be a disaster. It’s just you can have an agreement as to what can be considered a matrimonial asset in the event of a divorce, you can be totally fair, with clear minds as to what is acceptable for both of you.

If a business partner ‘intervenes’ in a divorce it could also complicate things regarding the company, and in these instances expert legal advice would be necessary.

Although pre-nups don’t have such romantic connotations, they can play a very important role in the security of businesses’ financial interests. As long as they are fair to all parties, and everyone affected can agree and understand it they can save a lot of trouble later on. Any business owner would do well do research this further with an accountant and lawyer.

Hart Barry are a firm of Accountants in Bangor, who are perfectly equipped and experienced to deal with your accountancy needs.

For more information contact JT Thomas Accountants in Bangor.