What is the process for legally separating jointly owned business assets between partners?

If you have a partnership deed that specifically addresses dissolution and asset division, that agreement generally governs the process — outlining how assets are to be valued, divided, and any procedure for settling outstanding liabilities before the partners take their respective shares.

Where there's no clear agreement on this, or the partners cannot agree amicably, the process typically involves valuing all business assets and liabilities, settling any outstanding debts to third parties first, and then dividing the remaining net assets according to each partner's agreed profit-sharing or capital contribution ratio — if this can't be resolved by agreement, either partner can approach a court to formally dissolve the partnership and direct how assets should be divided.

Given how contentious asset division can become, especially without a clear pre-existing agreement, it's often worthwhile engaging a neutral, professional valuer for the business assets, and having a lawyer help draft a formal dissolution and asset-division agreement to properly document the final settlement and avoid future disputes between you and your former partner.