Divorce/company shareholder director change

[boymum9]

I was wondering if anyone could give some advice!
Exh and I separated about 7 months ago, we have and still are amicable and have two young children, I'm a sahm.

Exh owns a company and when was set up I was made a director and shareholder, without warning today I just receive an email from his accountants asking to sign a document (e signature) removing me as a director and share holder.

This is not something he's discussed with me and first I'm hearing of it, i shouldn't sign this until we've had a discussion about it I assume? He's currently away on holiday with our two dc's.

Although amicable, there have been a lot of things that would be classed as "unreasonable behaviour" since we split and some shocking behaviour from him (controlling, what could be classed as stalking etc)

Never mind discussing it with exh don't sign anything until your solicitor has looked at it and advised you. You could be doing yourself out of some money, or just being released from a responsibility you don't need. Do you know anything about the status of the business at the moment? Until you know more about the situation dont sign.

@katmarie I know the business is doing very well, he currently pays me as a director (enough to cover bills and stuff for the DC's since separated) but that we're both paid dividends and the company actually brings in a lot more.

I currently don't have a solicitor as we hadn't got to that point yet, but I assume I need one now! I just briefly spoke to him and he said it was sent by accident, but I can see on the document he has signed it about an hour ago!

Absolutely do not sign that. I presume you being an SAHM has enabled him to grow the business.

Your ex husband is not a nice man because he is trying to get you to give away potentially thousands. Get yourself a SHL (shit hot lawyer) if you haven't already. And be aware that only his salary (ie not any dividends) will be taken into account when calculating CM so he can make himself look very poor on paper if he chooses to

Thank you for your reply @OrchidInTheSun

Do not sign a thing.

You need advice from a family lawyer.

Also from the sound of things the shareholding has an intrinsic value, so you'll have to pay capital gains tax even if you sign it over for nothing.

Thank you @Collaborate

Also, dividends are paid on a “per share” basis. So if you both have shares in the business, if he takes a divi too n future, you will also be entitled to the same. If you sign that away, you will get nothing. Also the first £2k pa is tax free.

Sorry that wasn’t very clear. You will both be entitled to the same £ per share dividend. If you both have an equal amount of shares, you will both be paid same amount of dividend.

Please make sure you get a very good solicitor - ask for recommendation off here - post in divorce and/or relationships. Dividends can be taken into account for child maintenance - you ask them to do this and they will contact HMRC. What other things has he done that you would class as unreasonable behaviour. I was in your situation not a director but 50% shareholder. My X declared dividends in my name but kept proceeds - my solicitor was useless. I had to pay tax on them though and then sort out after divorce.

Do you have access to any money/ savings - anything just in your name? Please be careful - my x turned very nasty once I got a solicitor involved.

@greenberet thank you. I actually had made a previous post about his behaviour, it involved certain levels of "stalker" behaviour, turning up at my house late at night unannounced, either waking children and bringing them or once (that I know of he left them alone, the issues have been dealt with now, it was a while back) basically just to check on me, see where I am/what I was doing/if anyone was in the house with me, this has included looking through windows. He's gone and spoken to people my new partners employs and spread some lies, there's a few issues we've had.

I'm aware his behaviour was entirely unacceptable but also I've been patient and as understanding as I can because I want a good relationship with him for my children's sake and just for the future I suppose

Thank you for your advice @greenberet
I am considering separating from my DH but am ashamed to say it worries me hugely from a financial perspective.

I am a SAHM but a 25% shareholder and director in DH's business (there are 4 of us with 25% each). I have no clue how that would all work if we split

OP you can have a solicitor just for advice at the moment instead of formally representing you. This means they advise you and you follow their durections. They can even draft letters for you which you rewrite yourself and post. That way your ex won't know you actually have a solicitor though they will be aware someone is helping you. This can save you money initially as when you go to them you will be asking specific questions.

Also depending on the business your husband may close down the current one down or run it down, and start another one without you as a director and shareholder.