Do not mix business with pleasure, as the old adage goes. But what about business and marriage?

There are an increasing number of couples who set up in business together, whether as partners or as shareholders in a private company.

But when marriage difficulties arise, the original proposal of a joint venture can quickly become less appealing.

In such circumstances it is essential to reach an early agreement as to how, and by whom, the business is to be run.

This may require a transfer of assets between the couple, for which tax concessions may be available to assist the transition. The end of the marriage does not, however, necessarily mean the end of the working relationship.

With some careful advice, the couple may be able to agree new roles for themselves, which, with formal documentation in place, enables them to maintain a professional relationship.

The key is to address the business issues, before the business starts to founder.

Richard Wilson is senior partner at Bradford solicitors Gordons, Wright and Wright

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