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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34121
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 wife who has left me is a partner in a law firm (LLP) How

Resolved Question:

My wife who has left me is a partner in a law firm (LLP) How is the value of her share of the business taken into account on seperation?
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.
How long have you lived together?
Clare
Customer: replied 3 years ago.

We have been married for 25 years but have lived together for 30 years.

I am 51 and my wife is 50. She has been an equity partner for approximately 15 years and has one of the highest equity shares. She has the main income but that is probably only 25% more than my own. I am not an owner of a business but am in work as an employee.

Many thanks

Nicholas

Expert:  Clare replied 3 years ago.
Hi
How much is the share worth?
Clare
Customer: replied 3 years ago.

I don't really know but probably 3 to 400 K. I know that she has a partnership loan with say £50,000 outstanding but this is paid directly out of partnership earnings.

Thanks

Nicholas

Expert:  Clare replied 3 years ago.
Hi
What other assets are there?
Clare
Customer: replied 3 years ago.

Hi

Approximately £427,000 made up of savings, investment property, the equity in family home, endowments, etc. In addition there is approximately £456,000 in pensions of various types of which £230 K is my occupatonal pension.

Thanks

Nicholas

Expert:  Clare replied 3 years ago.
HI
What income do you each actually have?
Clare
Customer: replied 3 years ago.

I have a salary of £60k plus pension contributions.

My wifes is obviously variable but I understand that she takes drawings equivalent to approx 80k pa plus she has a fully paid car (value about £40,000) health insurance for the whole family, pension contributions (although I don't think these are all that much) She also pays all the running costs on my car including fuel and also fuel for her own car.

Thanks

Andrew

Expert:  Clare replied 3 years ago.
Hi
So the pensions are well balanced and there is no question of Spouse Maintenance.
The value of her equity share DOES for part of the assets for distribution - but you are not necessarily entitled to half the value .
However it can be used to secure you a larger share of the other assets - a 60/40 split - possibly even a little higher - with 70/30 as a maximum - and even that a stretch.
It would be sensible to try and discuss matters with your ex using Family mediation (www.familymediationhelpline.co.uk)
Please ask if you need further details
Clare
Customer: replied 3 years ago.

Clare

Thanks for the information provided. Just one further query if I may. Could you explain the process for assessing the value of my wifes equity share in the business.

Thanks

Nicholas

Expert:  Clare replied 3 years ago.
Hi
There shoudl be a method for doing that set out in the Partnership paperwork
Clare
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