My wife and I run a small hotel. We are getting divorced and dealing with things amicably Part of the settlement is that I will continue to own the hotel and the business. We have no partnership agreement. The question. Can we simply write to each other dissolving the partnership stating that from a fixed date I will take ownership of all assets and any future / current liabilities ( we have some plant machinery on lease which I am happy to continue paying or does this have to be cleared?) Should we also echo the financial settlement agreement to show what she is receiving? Or can it just be agreed that she receives nothing out if the business as we already have another agreement ( separation one) stating who gets what asset. We have an outstanding mortgage and the provider is happy to just remove my wife from that. I get confused with the 1890 Act. As it looks like I would have to call in money owed and pay all debts - mortgage etc first. Or is it a case that as long as the companies we purchase from are aware it's a change to a sole trader and are happy then nothing needs to change ( obviously HMRC / tax etc needs done) My divorce solicitor is implying that it's a complicated thing and could cost around £4000 for the dissolving of partnership and for me to be self employed. Thanks for any help this was unseen on our part and is holding things up. We want to get it sorted as quick as possible so we can finalise or seperation as she is looking to move abroad.