Help! Separating from partner of 30 years

[Jmess]

we never married but have been together 30 yrs snd have kids in their twenties.
I have shares in his business and can draw dividends currently which go into the mortgage
what happens when we separate? I’m on the payroll too, albeit low salary.

As you’re not married, in your case it’s relatively straightforward. You will retain your shares in his business unless you agree to sell them. If you are an employee of the business then - providing you are a legitimate employee and not just “on the payroll” as a tax fiddle - you have the same employment rights as any other employee and can continue to work for the business, resign from your job, or negotiate terminating your employment for a settlement. He can’t simply fire you because you’ve broken up.

Are you joint tenants or tenants in common of the house? If the former, the position is that you own it 50/50 and are each entitled to have the equity when its sold.

@ComtesseDeSpair thanks for confirming that. Will it be down to us for agreeing on what dividends I can draw ?
I suppose there’s mediation but that sounds a bit of a chore.
we are joint tenants x
trying to keep a logical head amongst the turmoil
Thankyou

How are dividends currently agreed and distributed? What do your TORs and shareholding agreement / dividend policy say (if there are any, I’ve no idea of the size of this business)? Directors just stick to the same procedure and treat shares and dividends as if you were any other shareholder - which in the eyes of the law, you are.

Whereas if you were divorcing this could be more complicated as the financial settlement may include valuing the business and splitting its assets between you in a proportion which differed from your shareholding, that’s not the case here. Providing you’re relatively amicable, mediation would be a good idea, especially if you’re looking for a clean split and to not be employed by the business anymore or retain shares.

The amount of dividends is usually up to the directors (although you should check if the articles give you the right to a fixed dividend etc): For this reason if you're a minority shareholder it's probably best to sell your shares to the other shareholders as you have no rights to dividends and so often in these situations nothing is paid.

In respect of your employment- you have the same rights as any other employee but often this is a way for self employed people to extract tax free cash from the business. So if you're not actually working and don't plan to going forward I would look for a settlement from the company.