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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33951
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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I'm struggling in my marriage and would like an idea of what

Resolved Question:

I'm struggling in my marriage and would like an idea of what would happen if we divorce. The house we live in is owned by my father in law and in trust to my husband and we have no joint savings - our savings are tied up in my husband's family business with his father, and I have no part in this. We have two young children.
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
Thank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow much is the share of the family business worth?How old are the chidlren?What income do you each have?
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
Children are 2 and 4
I think the family business is approx. £1 million but I'm not sure. My husband is one of two directors, the other his father. I don't think that my husband has an equal share in the business, I'm not sure what proportion he has.
My husband pays himself the minimum wage then takes dividends, I think up to the maximum amount the last few years - £40k? I became self employed 4 years ago, income has been up and down around maternity leave but 2014-15 was £10,000 and I think this last year around £15,000 - but very approx.
We have no joint savings, but I have £15,000 in an ISA.
Expert:  Clare replied 1 year ago.
Are the house and business linked at all?
Customer: replied 1 year ago.
No I don't think so other than the fact that they are both owned by my father-in-law. The house is paid off, is worth around £700k and has been in trust from my father in law to my husband for over 10 years.
Expert:  Clare replied 1 year ago.
Has ot always been owned by your father in law and not your husband?
Customer: replied 1 year ago.
my father-in-law bought it with my mother-in-law, did it up and lived in it with my husband (only child). They divorced, MIL moved out, husband and FIL stayed, in 2004 FIL moved out and put it in a trust to my husband, I moved in that year, we lived together and married in 2010. The trust will allow us to sell and move but the money generated can only be used in property.
Expert:  Clare replied 1 year ago.
Excellent newsHow much is the house worth and would you wish to remain there or move?
Customer: replied 1 year ago.
The house is worth approx. £700k. I've always presumed that I'd have to be the one to leave (with the children of course), it being my husband's family home. Would it be possible to call you at some stage please?
Customer: replied 1 year ago.
Ideally I would prefer to move elsewhere with the children.
Expert:  Clare replied 1 year ago.
How much will you need to rehouse yourself and the children in the same school area?
Customer: replied 1 year ago.
Probably around £300k
Expert:  Clare replied 1 year ago.
you are certain that the Trust allows for the existing house to be sold and a replacement purchased?
Customer: replied 1 year ago.
Expert:  Clare replied 1 year ago.
Have you any idea whatsoever about the value of your husband's share of the business?
Customer: replied 1 year ago.
I've since found out that it's only 4%, FIL owns remaining 96%.
Expert:  Clare replied 1 year ago.
But do you have any idea what it might be worth
Customer: replied 1 year ago.
Approx. £1 million
Customer: replied 1 year ago.
Last year's shareholder funds were worth £798,351. There are 2102 shares, my husband owns 100, father-in-law the rest. I'm guessing i wouldn't be entitled to a substantial settlement.
Customer: replied 1 year ago.
Would I and my children have to stay within the same school catchment even if we can't afford to buy/rent there?
Expert:  Clare replied 1 year ago.
Given the terms of the trust and the interest in the Company it is very likely that there could be an order that the matrimonial homeis sold and an alternative property purchased by the Trust to accommodate you and the children until the youngest child is 18You are also entitled to a share of your husband's share of the company by way of a Capital Payment as well as possibly a furthercapital payment payable by installmentYou may also be entitled to short term spouse maintenance - and you will have child maintenance as wellI hope that this is of assistance - please ask if you need further details
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33951
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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