How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Harris Your Own Question

Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2285
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Family Law Question Here...
Harris is online now

My husband and I have recently separated. He owns his

Customer Question

hello , my husband and I have recently separated. He owns his own business which my family helped him buy. He still owes my Aunt £10,000 which he says he cant afford to give her back until I sign myself out of the business completely. He says he will then be able to finance another loan to pay her back. He has also said that he could sell his shares and then buy them back in a few years time after we divorce ??
Submitted: 1 year ago.
Category: Family Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. I am a qualified family law solicitor.
Please can you confirm:
1. What other assets are there?
2. Do you have any children and their ages?
3. Have there been any contracts regarding the family loans?
4. Has there been any repayment at all regarding the family loans?
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2285
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Family Law Specialists are ready to help you
Customer: replied 1 year ago.
We have a house which I live in with my little girl which we both know is negative equity. We have 2 children one aged 18 who shares a house with his dad and a 10 year old daughter who lives with me. Unfortunately there were not contracts taken out which, we know now was extremely stupid on our part. There has been no attempt to pay any of the money back.
Expert:  Harris replied 1 year ago.
Thanks for confirming.
Family loans where there are no contracts and no repayments are considered "soft loans". It may be the case that your husband will claim that the loan is a gift due to informal way it has been provided and lack of repayments. It will therefore be down to your aunt to demonstrate that it was in fact a loan (eg. if there have been letters/emails confirming the terms of the loan), then this will help her case.
The Court will have to decide how to call-in the loan, if it agrees that it is in fact a loan. This could be by way of a sale of the business (although unlikely if this is his only source of income), or as your husband has suggested through re-financing options.
In the circumstances I would suggest that you enter into mediation with your husband to work out an agreement for how all the finances and assets should be shared between you when the divorce is finalised. You can find local mediators here: http://www.familymediationcouncil.org.uk/
Customer: replied 1 year ago.
To be honest I don't want anything to do with the business just want my aunts money back as she wants to retire. If I sign something to say I don't want anything to do with it will that enable him to access more funds.
Expert:  Harris replied 1 year ago.
That will be difficult to say as you will need to know the exact circumstances of the business, the value of the business and the reasons why he cannot obtain a loan.
Customer: replied 1 year ago.
He says he cannot obtain loan due to us being separated
Expert:  Harris replied 1 year ago.
I don't see how that could be true and he may not be providing you full and frank information. He could look at taking out a sole loan and you would need him to provide evidence of his borrowing capacity.
Customer: replied 1 year ago.
Ok thank you very much for your help. I have a feeling he is trying to move me away from the business due to his new girlfriend. Will look at mediation as suggested. The whole reason my Aunt lent him the money was she believed it would be a nice nest egg for our children.
Expert:  Harris replied 1 year ago.
Thank you, ***** ***** luck. Please do come back if you have further questions in the future - you can ask me directly here: http://www.justanswer.co.uk/law/expert-london-solicitor/

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Kasare

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
< Previous | Next >
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    160
    UK solicitor
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Solicitor

    Satisfied Customers:

    7
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    340
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/GL/Glossolicitor/2013-5-14_214834_TWMParkinsonWright.64x64.jpg Glos solicitor's Avatar

    Glos solicitor

    Family Solicitor

    Satisfied Customers:

    2
    10 years experience in all areas of family law, now specialising in cases involving social services and children
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Family Solicitor

    Satisfied Customers:

    4598
    I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
  • http://ww2.justanswer.com/uploads/HH/hhlaw/2015-12-8_22495_unnamedlanczosbicubic.64x64.jpg Harris's Avatar

    Harris

    Family Law Expert

    Satisfied Customers:

    1064
    Family Law - Specialist in Divorce, Financial Relief and Children Matters