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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


How I stand with my business in Divorce

  • dizzle69
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08 Jun 12 #335711 by dizzle69
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Can anyone advise me please. I am going through a divorce and she has mentioned that she is entitled to half the business. I am in a partnership in the business with two friends (therefore a third share) and when we started I took out a personal bank loan of £25k, this on top of 3 credit cards (maxed out). The business is within the brewery industry, we lease a social club and refurbished the main function room. Last year my wife took out a personal bank loan for £15k so we could refurbish the main lounge area. The business pays for the loan and the payments on the credit cards. Our first year accounts, showed a £25k loss.....this was due to all the refurbishment costs. Our second year accounts shows a £20k loss......we have recently took on a lease of another venue which we hope will be the starting point of our financial turnaround (well, within the next 5 years). Can anyone tell me what she can claim from the business as it currently stands or does she have any rights to the future potential profits.

  • mumtoboys
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08 Jun 12 #335733 by mumtoboys
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is she named on the paperwork anywhere?

if nothing else, you have a moral obligation regarding the £15k loan she took out in her name for the business. How is this being repaid at the moment?

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08 Jun 12 #335735 by mumtoboys
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sorry - just realised the business is paying the loan. is there some formalised agreement for this? I suspect she will be concerned about this whilst divorcing (I''m still paying a £10k loan taken out in my name for my ex''s business!!!).

You need to have a good look at the Ancillary Relief forum and post details of yours and your ex''s financial situations for people to be able to advise further.

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08 Jun 12 #335752 by dizzle69
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No she is not named on any paperwork....could she request i pay the loan off at the bank in full.....i will get all the info and add this....thank you so far...

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08 Jun 12 #335756 by mumtoboys
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she can request anything and so can you!

I would suggest that it''s not unreasonable that she isn''t left with a debt to pay from your business, particularly if you don''t want her profiting from the business.

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