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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.

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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.

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shares in a LTD company - rights?

  • clsydi
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12 Dec 07 #8856 by clsydi
Topic started by clsydi
Hi,
I am writing on behalf of my brother in law, he has been seperated for 3 years after a ten year marriage. He is now looking to divorce, he is a shareholder and director in the family business. Does anyone know if he could have to give some of these to his wife or if he'll have to pay her a share of his divident? He has no children and he bought her out of the house a while ago.

Thanks!

  • DownButNotOut
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12 Dec 07 #8904 by DownButNotOut
Reply from DownButNotOut
As part of finalising the divorce a formal financial settlement must be agreed (ancillary relief).

The family business is likely to be regarded as a joint asset for a reasonable length marriage (which 10 yrs is).

An informal deal to 'buy her out of the house' may also not be the end to her claim on the house. Especially if she has since spent the money.

The current assets (business, house, pensions) are likely to all be 'in the pot' and up for grabs.

She may be entitled to up to 50% of the total value.

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