Ltd companies and divorce how does it work?

[Loubee2000]

has anyone divorced and had shares in husbands ltd company? How has this been settled? As the company is mainly just him (plumber) does this mean I just sign over my side of it? He put me on the books for tax reasons and paid dividends to me, also paid me a wage monthly which has stopped since separation, I’m just wondering if anyone has had experience of this and how it’s worked out?

When I was in that situation, my XH also had shares in my Ltd Co. We simply signed everything back over to each other, no financial settlement or anything.

Are you a director or just on the books?

I’m company secretary

Were you actually working for your monthly salary and did you pay tax and ni?

So you’re not a shareholder?

Have you been fulfilling the role of company secretary?

If you have been receiving dividends then I assume that you are also a shareholder? Depending on what shares you have and if the company has any value, your shares might be worth something and so I wouldn't just hand them over until you have checked this. If the company has a value, then it should be included under both of your lists of assets for form E. If there is no value in the company, then you could just sign them back over. The first place to look is at the bottom of the balance sheet for the net asset value, on the latest set filed accounts.

Just to add that company valuations are pretty subjective and so this may be a bit tricky. If you think there is some value, then you may need to get an independent valuation from another accountant to your usual one.

If op is company secretary she should know exactly what the business is worth as part of her role is filing the statutory books ……

Agreed, although with smaller companies, the company secretary title is sometimes in name only and the company accountant will deal with a lot of that stuff.