financial advice

About to start financial proceedings...bit worried about what may happen. Advice appreciated.

H- 40
W- 43

His earnings about £24k (self employed...prior to separating gross income was 50k-60k.)
Mine- £16k...part-time (and get CB, WFTC of approx £700pm)
In mediation it seemed that we have similar incomes taking into consideration benefits etc. He has no accounts for last 3 years apparently and was clearly making up figures in mediation. I was unpaid company secretary for 5 years but after he moved out he re-named company and is no longer Ltd company.

3 children (6, 9, 12)who live with me but see him every alternate weekend and midweek for overnight.

Value of house: £210K
Mortgage: £140K
No savings
Not sure how much debt ex has currently...he seems to live affluent lifestyle. He has rented flat but spends most nights in GF''s house.

I currently live in FMH and have paid mortgage and bills for last 2 years. (But income too small to remortgage even with benefits etc). He pays £200 a month for all three children and does not contribute towards anything else. Currently refusing to re-mortgage with me which leaves me in nightmare situation.

Worried I may lose house and only stability kids have. Renting in area would be £1400.

Ideas? Advice? Suggestions?
Thanks in advance.

Just my opinion, since note you have had no replies as yet. Likely with 3 dependent children you will ''get'' the MH. H is also dissapating assets -re rent on flat, and reducing his income. New G/F''s income may also be taken into account - though he has covered his tracks by renting elsewhere. On form E he will have to do voluntary disclose income for at least the last 12 months.

If you were company sec, you would have been informed of change in company status to what I assume is now sole trading status. You can check all this out with Company House.

Main thing is, and to reassure you, with 3 kids, and your having paid the m/g on your own for last 2 years, it is highly likely a PAO will go in your favour, to transfer ownership and mortgage to your sole name, so long as mortgage company agree and no liens. I would write and inform them of your situation, that you have been paying the m/g on your own for last two years - will give you a record you may need to buy him out re share of any equity.

Hope this helps. am sure other far more wiser Wikis will be along soon to give further advice.

Thanks for reply. So hard starting negotiations when there is so little to negotiate with!

Was you a shareholder on the business? My husband shared the retained profits between the 2 of us, I was unpaid CS director and shareholder, he has now asked for the money back as he should of wrapped up the business through the receivers, he has been paying ow expenses for the last 13 months, yet she isn''t on the business and I wasn''t notified. He''s also opened another company with ow on as director. I am waiting for advice from an independent account to see where I stand legally.

I was a shareholder but only in name. He changed all the company name etc without informing me and had mail redirected to his new address. I have accessed companies house website and downloaded what I could but it means very little to me other than seeing that his accounts have not been submitted before closing the business (or rather re-naming). Slightly irked as I helped set up the company, supported him through his training and did most of the menial admin work for many years. To be honest I dont care about his business now or how he chooses to run it but I do want to keep a roof over my kids head! the fact that it is often a cash based business doesnt help me or the children.

He will have to supply his accounts for at least the last year as part of the financial disclosure process, and to HMRC. I was told by mediator that if the judge became suspicious of dirty dealing with regard to hiding income etc. then they can insist on having accounts for further back. I too was company secretary for my ex husband''s company and, as such, had a right to demand to see detailed accounts and books (before he removed me as Company Secretary that is!). I also had lengthy discussions with his/our accountant and managed to expose to them his ''creative accounting''. I also wrote to my ex asking to see a copy of his ''memorandum of articles of association'' - all limited companies are meant to have stuff written down about how certain decisions are made.

You should care about your husband''s business as it is a marital asset - as my mediator said ''Not just the book value but an earning vehicle''. I was also told that the courts have seen it all before - they''ll know what tricks he''s up to. It''s more complicated if he gets payments in cash but presumably this is funding his lifestyle and there''s a limit how much can be stuffed under the mattress. I threatened my ex with exposure to HMRC who would have had a field day (and still might to one day!)