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AIBU?

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Original poster

Split of assets break up

48 replies

user1471514421 · 02/08/2019 15:32

Trying to think what is fair, thinking of it in two pots

Pot 1 - house no mortgage worth about 400k, savings of about 50k, car on finance, jewellery about 20k

Pot 2- asset/business worth about 1.2 million

Pot 1 for her and children

Pot 2 for him but no home

Walk away cleanly?

Thoughts appreciated

OP posts:
cuppycakey · 02/08/2019 15:37

Eh?

Can you explain this more clearly? Who are him and her? Are either of them you?

Why does "her" get less than half of what "him" gets?

Original poster
user1471514421 · 02/08/2019 15:41

Husband and wife

Pot 1 easier to walk away with, no interest in business

OP posts:
cuppycakey · 02/08/2019 15:44

How long have they been married? Did they cohabit before marriage?

What pension pots do they have?

How old are they?

Are there any DC and if so, how old are they?

Missingstreetlife · 02/08/2019 15:47

Legal advice for her. That's not enough. Pension? Maintainance, school and university?

hazell42 · 02/08/2019 15:49

So 'her' gets a third of the assets of the marriage to share with the kids, while 'him' (you) keep two thirds to himself?
Yeah, right
Do it messy and fair

Jamiefraserskilt · 02/08/2019 15:51

Pot 1 is virtually instant access. Pot 2 is not.
Pot 1 does not.leave any cash as such but is a longer burn with risk associated.
Depends on income for pot 2 owner and whether this would cover living costs and possible child maintenance.

hazell42 · 02/08/2019 15:51

And presumably she already owns the jewellery
Gifts by any chance?
So, cant really class that as an asset.
No, not fair at all

Hont1986 · 02/08/2019 15:51

Are they his children?

Jamiefraserskilt · 02/08/2019 15:53

*Pot 2 does not.leave any cash as such but is a longer burn with risk associated.

SleepingSoul · 02/08/2019 15:54

What about pensions? And is the business really an asset of the marriage? There's definitely an argument that the money in the business could be harder to release which ought to be taken into account.

ClashCityRocker · 02/08/2019 15:58

£470k vs £1.2 million doesn't seem very fair.

However, what problems could be caused by splitting the business? If it would leave the other party unable to trade it could be self defeating. However, giving the inequality in the current settlement, it would be something I would want to see addressed. You'd need professional advice, but if it's limited company perhaps retaining shares or something along those lines.

cuppycakey · 02/08/2019 15:59

Is she a director/partner of the business? What sort of business is it? Does she own shares? Does it pay dividends/do you draw down from profits? How much?

Re the DC, will they be with wife most of the time or will it be 50/50?

stucknoue · 02/08/2019 16:08

Depends on child maintenance, and whether she works sufficient hours to pay the car finance and bills (must be around £1000 on a £400k house)

NCforthis2019 · 02/08/2019 16:10

Add everything and and half each. Straight down the middle. Shares for her in company to be given to children upon 21st birthday.

ThatssomebadhatHarry · 02/08/2019 16:13

Pot 1 is getting screwed.

Hont1986 · 02/08/2019 16:19

Not nearly enough information to get a useful answer.

The generic advice would be to start at 50/50, then tend towards a larger share for the parent with more care of the children.

But we don't know if the children are from a previous relationship, if the business pre-dated the marriage, if the 'Pot 1' parent is working, and so on.

Whatafustercluck · 02/08/2019 16:24

50/50 split is the starter - with a larger share going to the parent who has the DC most often. It would remain 50/50 if the care of the DC is split 50/50.

Oysterbabe · 02/08/2019 16:29

Seems pretty unfair to me.

NoWayDidISayThat · 02/08/2019 16:30

You can’t get answers for that on Mumsnet. There are too many variables.

JoJoSM2 · 02/08/2019 16:38

I agree -- a few more viariables.

newmomof1 · 02/08/2019 16:42

I'd be happy to walk away with pot 1 to be honest.
Yes, it's not 50/50 but it's clean and it's easy and you'd be set up.

Original poster
user1471514421 · 02/08/2019 17:01

Married almost 7 years, together about 16, children 3 and 2. No pensions, both early 30s. Both work full time, her out earning based on those salary. His 2nd income from business. Business not easily split would have to be sold. Family business, she no interest in taking this away.

Car finance currently paid from business children would be with her most

OP posts:
cuppycakey · 02/08/2019 17:06

If she gets legal advice it will be not to accept a deal like this.

How do neither of you have pensions???

I suggest you both get independent legal advice and take it from there. It may be possible to retain the business if she has a share of profits, but it depends on the business and how it is set up.

Original poster
user1471514421 · 02/08/2019 17:11

cuppycakey what do you mean by the pensions comment? We just dont

OP posts:
TheHandsOfNeilBuchanan · 02/08/2019 17:12

Why could you not give shares/dividends from the business to equal the amounts?

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