Hiding money

[Feelinglosttonight]

Feeling scared tonight. I’m worried I’m going to be in a really bad financial position.

Short version;

Divorce looking likely, think he’s hiding money. Is the money in his Ltd company a marital asset?

Long version.

Married, one child. I’m main earner. Provided financial security. He’s had several businesses none of which have been successful in any meaningful way. I supported us while he retrained. He’s now self employed but runs it as a limited company and pays himself in dividends.

Been struggling for a long time. Recent incident showed me just how little he thinks about me and cares about me. He hurt me deeply. Not infidelity.

I have asked him to leave three times when he’s kicked off. He refuses to go. Tells me I will have to leave. So I guess I will.

We had agreed to work on things. He’s having counselling. He was making huge efforts. But then a week or so ago he exploded again over something small. When I tried to talk to him about it and tell him I as upset he exploded again. He lays into me verbally. Really aggressive. Telling me all the ways in which I’m terrible. Some I think have a grain of truth but he magnified, some are completely unfair and describe his behaviour more than mine.

He has recently started to take on more work. He’s really upped his game. I also found a new bank card recently. He’s stopped paying into our joint account with the story that he is trying to make his income look smaller to get a grant. Didn’t discuss this first.

I think he’s hiding money. He’s expressed fear over his financial position before even though I’ll be fair and I think he knows this.

If we divorce, and he only has money in his business account, will I have to pay more? Does his business account under a Ltd company count as marital assets? I’m company Secretary in name.

[jocktamsonsbairn]

I don't know the legalities to be able to help you but start playing clever too and getting all your ducks in a row now. When he's at work go through everything. Get a note or even better a copy of the bank card number or any financial documents. Get your marriage certificate and your (and any DCs) passports out of the house. Start squirrelling money away yourself. Go to a supermarket and buy a small thing but the max cashback every time. Start hiding that cash in an account op Ed by someone else so he can't trace it. It will give you a cushion. Phone the bank, mortgage company and say you do not give permission for any overdrafts to be set up or payment holidays and ask them to notify you if the Mortgage payment fails. You need to be in control. Good luck. He sounds awful.

[Jonathan70]

He sounds narcissistic.
The business and any money in the accounts are a marital asset the same as any other (all shares, accounts and anything else associated with it so it doesn’t matter whose name it’s in or whether the money is there or in your joint account - it’s all treated the same) and I’m guessing even more so if you are the company secretary.
Take a copy of that bank card so you can ask for the details of that account if he doesn’t declare it down the line. It will throw light onto the idea that he’s hiding assets. You will be able to ask that that account is declared. I wouldn’t squirrel money away unless you are worried he will remove money out of one of your joint accounts and spend it.
I would separate now and start financial proceedings before it goes on for too long. You want these changes to be documented in your declarations which ask for the last year.
If he isn’t paying into the account which pay your bills, that will work in your favour rather than his, unless he gave up or reduced his working hours to care for your child and be the home maker?
Best wishes, sounds awful.

[Elektra1]

Money in the business account is not a marital asset. The shares you both (or either of you) own in the business are a marital asset. The business will have to be valued in order to value those shares and then either he buys you out or vice versa.

[Nicebloomers]

Speak to a solicitor asap. I believe if you move out it could negatively impact you on divorce in terms of division of assets and child maintenance. Get advice before doing anything.

I expect he will be trying to hide money. As secretary what can you access with regards to the business?

[Mrsttcno1]

No, money in Ltd company bank accounts are not classed as a marital asset, they are part of the business.

Salary/dividends/any shares you both have in the business would be though.

[Feelinglosttonight]

@Elektra1

Money in the business account is not a marital asset. The shares you both (or either of you) own in the business are a marital asset. The business will have to be valued in order to value those shares and then either he buys you out or vice versa.

This is my concern. I don’t officially own shares but obviously he has had my financial security to be able to do what he does.

[Feelinglosttonight]

@Nicebloomers

Speak to a solicitor asap. I believe if you move out it could negatively impact you on divorce in terms of division of assets and child maintenance. Get advice before doing anything.

I expect he will be trying to hide money. As secretary what can you access with regards to the business?

I’m not sure. I’m only Secretary in name for companies house. His accounts are all paperless. I’ve got paper statements from years ago but not recent.

[Feelinglosttonight]

@Mrsttcno1

No, money in Ltd company bank accounts are not classed as a marital asset, they are part of the business.

Salary/dividends/any shares you both have in the business would be though.

He pays himself minimal salary. I’m so gutted he’s doing this. I never thought it would come to this.

[Feelinglosttonight]

Thank you all so much lovely mumsnetters.

[Jonathan70]

In my friend’s divorce, the shares in the limited company owned by the husband were absolutely considered an asset. For this reason, he retained the business, so she retained the entire equity in the house in order to split the assets fairly. Get legal advice as it’s clearly complex. Google search Osbornes Law - is a limited company protecter in divorce? and it explains how it’s taken into account.

[Feelinglosttonight]

Thank you so much.

[Propertylover]

@Feelinglosttonight if you are named as company secretary with companies house then you have legal responsibilities to the business. Please get legal advice about this asap.

[millymollymoomoo]

Op you need to wise up about the responsibility of a company secretary- there are duties you should be preforming

[Feelinglosttonight]

Oh. I didn’t know that. I’ll check it out. Thanks.