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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Separated DH (living same house) wants half my business. Possible?

14 replies

trackerc · 26/08/2014 23:19

I have a Ltd company only I'm director for. Separating with DH & he is getting nasty - lots of side issues - but essentially he's saying he's entitled to half funds in that. I've kind of kept this separate & only paid myself monthly amounts. he's been off sick 6 mths languishing around, (depressed etc, though not enough to go playing away & nights out!) Anyway, I'm doing 3 jobs & projects to build up business.(I got big redundancy payout that's been used in the joint account so that's dried up)
He's saying he'll have half of my Ltdcompany funds now. Scared.
Any advice?

OP posts:
atticusclaw · 26/08/2014 23:23

If it's a limited company its a separate legal entity, it's not you. You are simply a director and you might take dividends. You might not of course, the money might just stay in the company.

Unless the company declares a dividend then theres nothing there that is yours for him to grab.

Isabeller · 26/08/2014 23:27

but surely if OP owns the company it is an asset of the marriage?

atticusclaw · 26/08/2014 23:32

OP doesn't own the company, she is a shareholder of the company. The company might not declare a dividend. The company might never declare a dividend. That means all the money sits in the company and none comes out to the shareholders.

Isabeller · 26/08/2014 23:35

Ok, OP owns shares, the shares are an asset of the marriage

atticusclaw · 26/08/2014 23:35

This reply has been deleted

Message withdrawn at poster's request.

atticusclaw · 26/08/2014 23:43

Ok quick google shows that actually the courts could just treat the company in the same way as any other asset of the marriage because of the fact that the OP owns 100 percent of the shares. You need to get some legal advice OP.

Original poster
trackerc · 26/08/2014 23:58

I'm so grateful for your perspectives. I will surely need to get advice about lots of things, but this is a particular fear. Thanks for your insights.

OP posts:
Lonecatwithkitten · 28/08/2014 16:39

Sorry several days late in replying, but yes you need advice. I would have a long cold hard look at all the assets and consider what you could trade for the company being left untouched.
I have been in your situation and came up with other assets that ExH ended up with to enable my business to be untouched. The house if you own it would be a big one.

Original poster
trackerc · 29/08/2014 11:41

The house is joint owned - mortgaged. He's wanting me to make him an offer, taking half the equity, plus savings, plus a car (both cars
in my name)
I need advice in real life I know, solicitor booked in. Does anyone know that if you put in extra funds to pay for mortgage deposit at the outset (& not wrote it down as agreed) will that be considered in the asset split?
Thanks for messages, it just adds focus to my thoughts & helps me unjumble them (as much as possible)

OP posts:
ClaireRalph · 29/08/2014 12:31

I don't think the fact you put more money into the house via bigger deposit makes a difference. I have had legal advice because I am the only one on the deed and mortgage (and the deposit was quite substantial and was from a family inheritance) and I stand to lose half. A house is a matrimonial home and so the net asset value (minus the mortgage) is pooled in the financial division.
S* isn't it?

My husband doesn't work, and is trying to get primary custody of our (8mo) baby.

Do you have kids together?

Original poster
trackerc · 29/08/2014 16:30

Yes, we have 1 LO.
It is sh*t, but I guess it all is. I suppose ill just have to grieve it all.

OP posts:
EarthWindFire · 30/08/2014 21:57

Does anyone know that if you put in extra funds to pay for mortgage deposit at the outset (& not wrote it down as agreed) will that be considered in the asset split?

In short no it most probably wouldn't be. Especially if you have nothing in writing.

Original poster
trackerc · 31/08/2014 17:26

Earth, thanks for response. Do you mean the asset split, of which he now wants to claim half, will be divided equally between us? Im just trying to be clear on what your response means, as you say no it won't be considered - did you mean it won't be taken into account and regardless of origin of the funds he gets half? (It was the proceeds from sale of my old house & money from my parents)
I realise there is a difference between morally right and legally right and just trying to be clear on areas in prep for my solicitor appt

OP posts:
EarthWindFire · 31/08/2014 17:39

There are many things to be taken into consideration in financial remedy. The longer you are married the more who paid what is irrelevant so who paid the deposit etc quite often bares no relevance.

You do need to talk through with a solicitor who will know all of you individual circumstances.

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