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What are we each entitled to in our divorce settlement?

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Help with business situation

  • ph123456
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01 Nov 07 #5648 by ph123456
Topic started by ph123456
Hi all, I am new to this site (unfortunately) and in the middle of seperation. We agree on most issues. The sticky one is the Limited Company, which she owns 100% shares of. I have been contributing physically and emotionally to the business for the past 9 years (of which 6.5 we are married). It was not changed over to a Ltd untill after we got married (partnership before that). How does it work in situations like these? Has anybody got experience. She doesn't want me to have anything to do with the business anymore and simply took me of the payroll and took my work away. It's only small, but has a healthy turnover. Thanks for any advice. Paul.

  • mike62
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01 Nov 07 #5649 by mike62
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Paul,
Welcome aboard. Tough time for you. Similar myself, except we are a partnership.

Are you a director of Ltd co? Who are officers (e.g. co secretary, chairman etc)? Are they on your or her side?

If you are an officer of the company that gives you some limited leverage, but if she the 100% shareholder, you are in a weak position, other than nasty tactics.

If you were simply an employee, there is very little you can do to influence her decisions, other than appealing to her better nature. However, if it is anything like my situation, there is no better nature. Just a block of granite! :angry:

Everything, including the Ltd co, is part of the marital pot, so will be considered as part of ancillary relief. But you would need to start divorce proceedings to kick off ancillary relief.

I might be wrong, and I hope for your sake that another reader can correct me. Her sole shareholding is very powerful. But maybe there are things outside the business that you could negotiate with to give you the results that you need.

Best of luck

Mike

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01 Nov 07 #5653 by tiesys
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Hi Paul,

I will be interested in the replies you get as I am in similar situation.

I have been told by all that everything goes in the marital pot; all your asset:ohmy: s and liabilities and if you take one from the other and end up positive then the balance is divided up (the starting point is a straight 50/50 split).

My only concern over this kind of thinking is that it is all well and good dividing the spoils, but how do youactually get any money out of someone who simply refuses to pay and can't/ won't realise the assetts?

Mike

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