Financial & Legal Minefield - can anyone advise?

[NeverGuessWho]

Posting here for traffic. Will try to be brief. I am separating from DH & live in England.
There is a substantial amount of property within the marriage, that is tied up in DH’s company, but I am clueless how much equity there is, as DH refuses to provide current mortgage statements for any of the properties (even our home.) All the properties are in his name only, some purchased prior to marriage (while we were living together with our DCs,) some purchased during the marriage. He just always refused to put my name on anything.
My DF has offered to buy a property for me and DCs, who will live with me for 50% of the time. It will be in his name, until I get a financial settlement, which will take forever, as DH will drag his feet. Initially, the verbal agreement between DF and me was that I would pay the monthly loan/mortgage repayment, & this would be deducted from what I owe my DF. Solicitors fees, stamp duty etc, incurred will, of course, be added to what I owe my DF, to be paid off in the future, on receipt of a divorce settlement. Today, DF has told me he is going to increase the rent I will have to pay, none of which will go to pay off the sum I owe. He said that he will have to pay tax on the rent I pay him, and that buying the property is wiping him out.

Am I right in thinking that he will only have to pay tax because he now is going to make a profit, so it will be an income; whereas, if he had stuck to the original verbal agreement, and was charging me the same amount as the repayment, he wouldn’t be charged tax?

Also, does anyone know of the legal/tax implications of me getting a financial settlement, and then paying my father back what I owe him? Will I pay tax on the lump sum that I receive - I am clueless about this.

I am seriously considering just staying separated, and staving off a divorce indefinitely, so that DH doesn’t have to sell the house, IF we can agree that he gives me the money to pay my dad back. This amount would then be deducted from any future settlement if/when we divorce in the future. However, my head is telling me that this is insanely risky & foolish.

I know I need to see a solicitor, but they don’t come cheap. I’m on a very low wage and I thought if I could gain some wisdom here prior to making an appointment, it might save up some time and money.

TIA

As there’s enough matrimonial assets to house you, your DF would be better off paying your legal fees

@BlouseAndSkirt thank you. So true.

@Pompei36 and I will never understand why there are so many people on mn who appear to enjoy kicking people and patronising them when they are at their lowest.

I have my reasons, there are many, and I certainly won’t be sharing them with you. How’s the view from up their on your high horse?

@Pompei36 Just read your last post. It seems your post was so scathing because my “husband is loaded and my dad is buying me a house.” FYI, I would much rather be married to a man with integrity, who respected me & had treated fairly over the years, hadn’t financially abused me, and didn’t have all this property. I would trade all his properties and money to be with a decent guy who genuinely loved me. But then, I wouldn’t have my 4 gorgeous DCs, and I would never be without them.

So the things to look out for is he may be loaded but he might just pay himself a very low salary and dividends which are low from the business so when you calim spousal periodical payments (unless you and he agree a clean break divorce) he will argue to keep those low and the same with money for the 4 children. Secondly if the company owns all the ohter proprties and your husband doesn't own the company any more then it could be hard to get those assets.

So you need to look at wat the maximum value of the properties is - for £3 you can go on the land registry website and get the title register of each if you know their addresses and that at least will tell you which have a mortgage on and the exact name of the legal owner.

If you go ont he Companies House website you can also check what companies exactly your husband is a director of or has been in the past and if you check that site every few days you can also see if he is making any changes eg resigning as director etc.

Thank you @Xenia.
Yes he will definitely make it look like he earns almost nothing. I think he has already been doing that for tax purposes.

I didn’t know that about the land registry website. That’s really helpful. Thank you.

I find this mind boggling that your DF is purchasing a house

But you won’t get legal advise

Pay for legal advise & decent advice

You can get free 30 minute consultations to get a feel for them

Go and ring round and book 3 appointments

Have paid £120 and have seen a solicitor this afternoon. The advice I’ve received has been excellent & I definitely want the solicitor I saw to represent me. I’m glad I cancelled the free half hour appointment, and went with this firm. Thanks everyone.

Great news, glad you’ve got yourself some representation

My god just pay for a fucking solicitor
Jesus. Is it that hard.

Gah!! My app was stuck and I didn’t see the updates

APOLOGIES

@aroundtheworldyet.

Some posters on this thread clearly have no concept of what it’s like NOT to have £120 at your disposal. Some people are seriously out of touch!

I do have a concept. But many solicitors will do pro bono. Anyway it’s all sorted now.
But I would sell my used shoes on eBay to a pervert to get the money personally!

@aroundtheworldyet

You have a point. It does seem ridiculous now.

Neverguess, I am glad you got some good legal advice and have found a solicitor you like. That is half the battle. Good luck with it all. Do get that right registered over the family home (on which you are not currently named on the deeds).

Are you allowed to or is it worth registering a charge / whatever’s legally appropriate - over his other properties too - especially the ones that were bought after you married?

Even if it’s just to get notification that they are going to be sold and you can’t do anything about it then or later - it would give you a heads up that he is liquidising his assets, you can keep an eye out for sold prices, estate agent details etc who might be able to provide useful info and it might annoy him, for bonus points.

Obviously I’m not a lawyer so no idea if there are problems with this that could backfire but worth asking your solicitor about. Glad to hear you have one that seems to be good.

Why don't you speak to a reputable rental agent? They can give you the current outline of what can be tax free, etc. Then you should be able to work it some accurate figures

Wib, I believe there is the marital home form you can register at the Land Registry but over other homes she would need to see the solicitor eg you can get a freezing order over assets and I know someone whose wife did - over all money in tht person (they didn't have a company)'s bank accounts, shares, etc. which could include other properties such as buy to lets but more complicated if they are owned by something other than the husband ie his company.

A lot will depend on how much money is at stake and if there is real evidence money might be given away to avoid paying the spouse as those kinds of court orders can be quite expensive.