kicked him out now need advice about finances please

[AboutToBlowAFuse]

Hi, I have taken great heart and advice from reading some of the messages on this board. Today I could do with some specific advice if anyone has any... Kicked out XP last week after 2nd affair and 6 months of trying to "live in the same space for the convenience and the DCs" - what a truely bad idea....still I live and learn. Anyways the long and the short is that we had a small business together which is in debt to the tune of several thousand all of which have been his financial decisions but are in a joint account. We have started mediation for advice on financially separating which so far has amounted in me learning that I have to wave bye bye to all the capital I have put into the business, and that we need to sell any assets to cover the debts.
I understand all of this, but while he drags his feet in the sorting of things this account continues to clock up fees, interest etc which I want shot of asap. Actually I wanted to sort it out years ago. I feel so I can't work out the swiftest way to sort it all out except for paying it off myself (again). Probably I have made some stupid financial decisions by trusting him... but I would appreciate any advice to bring this to the swiftest conclusion that is also in my interests.
Can't believe he wont take responsibility for what amounts to his debts. But then again can't believe I couldnt see the not taking responsibility pattern...Ahhhh, help!

You really need to see a solicitor, it isn't until you file for seperation/divorce that the financial side of it is sorted out.

Don't pay the debts yourself they are company debts.

Is there any charges on your house for the debts?

Any director of a company is liable for the debts it accrues if you have more money than him and the debts cannot be settled out of company funds they can come after you for the money.

Hi Fabby thanks for quick response. That sounds worrying. Its not a company its a partnership (irony there somewhere). As far as I know no charges on the house etc. We are not married but we share a couple of bank accounts which I desperately want to close and have done with it all. Will try and see an accountant or solicitor and find out where I stand. Was hoping the mediation would help but so far its a been pretty poor at presenting an overview. Today I suddenly realised that this might continue to go on for months and months and months ... :(

That's not strictly true about the director being liable, it depends what the debts are, but if it's an overdraft on the business account which has a director's personal guarantee on it, then yes the director is personally liable. But a company director would not normally be liable for the general company debts of a limited company.

Is your business set up as a partnership or a limited company?

Hi MyHips - its a partnership, not limited.

OK, do you already have an accountant for your business? Did you have any legal advice or have anything drawn up when setting it up as a partnership?

Either way, I would take advice from an accountant (existing or new) asap and speak to your bank about freezing the account immediately.

Sorry Hips!

Thanks for the advice. It would seem to be a good place to start.
Not sure why we didnt get that advice from the mediation
At least that will clarify the picture a bit.
I do feel so effing
And so desperately
Can't believe I'm STILL paying for this in time and money and emotional energy!!!!!!!
Thanks again, your feedback in invaluable - has calmed me down and bit and given me a focus xx

hmmm, sorry about getting so creative with the emoticons

No worries, Fabby!

OP, it's understandable how you are feeling - I would be the same. It's easier looking from the outside to give advice on something that you would normally be able to do if it wasn't for all the emotional stuff as well.

I sympathise completely with you. I run a small business with my DH and have had some very scary times keeping it afloat. But never had to deal with affairs as well as the financial stuff. So sorry for you :(

I recommended an accountant to begin with rather than a solicitor only because we rely on our accountant so much for general business advice as well. I just think that's a better starting place for you at the mo. You'll be better able to deal with the emotional stuff once the business finances are not running away with themselves.

Thanks, thats exactly the feedback I need. Lost the plot this morning and became overwhelmed that this would be an endless annd thankless task. Obviously need more information. Will speak with an accountant and get ahead of the next step, thanks sooooo much both of you for the support and advice!!!

You're welcome :) Good luck and let us know how you're getting on.