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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34264
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My husband and I are separating after 30plus years married.He

Resolved Question:

My husband and I are separating after 30plus years married.
He has business assets including two freehold offices. I spent many years helping him build the business. He is currently in financial difficulties which means he may have to sell
the properties or they could be re-possessed. the mortgages are small (about £200k) against a value of about £1.2m. How can I protect myself as I believe I am entitled to a share in the properties ahead of his creditors
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What is the value of the other assets?
Clare
Customer: replied 3 years ago.

we jointly own our home which is worth £1.2m currently on market with appx £500k mortgage. I also own property in my own name worth about £300k.


I am concerned if he goes bankrupt that I will lose 'my share' of the business assets

Expert:  Clare replied 3 years ago.
Hi
What income do you each have?
Clare
Customer: replied 3 years ago.
I am paid £50k from business for my role in HR
My husband made a loss in 2012 and profit of Bout £80k last yr
Poss similar amount this year if he doesn't declare bankruptcy
I have been told I need to protect my interests prior to this happening
Expert:  Clare replied 3 years ago.
Hi
Is he a sole trader or are the properties held by a Company.
Will he co-operate in any actions you wish to take?
Clare
Customer: replied 3 years ago.
He is a sole trader
He will co operate
Customer: replied 3 years ago.
He is a sole trader none if the properties are owned by a company all in his own name
He will co operate as he is the one who told me to get advice
Expert:  Clare replied 3 years ago.
Hi
What is the extent of the other debts that mean there will have to be a bankruptcy?
Clare
Customer: replied 3 years ago.
He has debts to the taxman plus general business debts to the bank and other lenders his assets would not cover all of them
Expert:  Clare replied 3 years ago.
Hi
Will the matrimonial home be at risk?
Clare
Customer: replied 3 years ago.
Some of the debts relate to loans secured on mat home
I did sign the docs and got separate legal advice warning me of the risk
Expert:  Clare replied 3 years ago.
Hi
Are you willing to start immediate Divorce proceedings?
Clare
Customer: replied 3 years ago.
If necessary how will that help me
Expert:  Clare replied 3 years ago.
Hi
the problem is that I am afraid you are mistaken - you do NOT come before any other Creditors - you come AFTER them.
At this stage - with Bankruptcy imminent there is little that can be done to protect you since any transfer of the property into joint names would have to be subject to the mortgages, AND could be set aside by the Trustee in Bankruptcy in any event
The only possible option would be a Financial Order within divorce proceedings transferring his interest in the matrimonial home into your name in full and final settlement of your claims.
However the property would still be subject to those loans that you have signed for
I hope that this is of assistance - please ask if you need further details
Clare
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