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ukfamilysolicitor
ukfamilysolicitor, Family Solicitor
Category: Family Law
Satisfied Customers: 1321
Experience:  Divorce, Finances, Children, Domestic Violence, Care Proceedings
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My husband advised me today that he will start divorce

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My husband advised me today that he will start divorce proceedings. We have been married for 4 years ( we have children from previous relationships but not together, my son (8 y) lives with us for 50% of the time). I have a query regarding division of assets. Our Current assets:
1) House. I sold my flat (property I had before we got married) and paid deposit and all the fees to purchase our marital home. Deeds are 50% split between us.
2) My husband has house with his ex girlfriend. She just offered to buy him out for GBP50k . GBP20k upfront and then GBP400 per month for 4 years.
3) My husband has got shares in the company he works for as a Director. Company has been established few months ago and he is one of the shareholders. This is no longer family firm. Family company was sold to this company few months ago.
Am I entitled to nr2 and nr3 , 50% of it? What are the rules preventing me from benefiting from my husband's company shares?
Am I entitled to bigger equity of the house or do we need to split it evenly?
Am I entitled to monthly maintenance? He earns GBP10k more than me per year plus he gets dividends etc
My husband told me that we will sell the house before divorce go through and split the profits and I am not entitled to anything else.

Hello

Welcome to Just Answer

I am a Solicitor and will assist you.

I am sorry to hear what is happening. You are right to question the information that your husband has given to you.

Please may I ask:

- how long were you living together before you got married?

- any pre nuptual agreements?

- what are the assets and values for both of you including pensions?

- what do you both earn?

kind regards

Caroline

Customer: replied 1 month ago.
Thank you for your reply.
- We lived together for 4 months before we got married. (in my flat)
- No pre-nuptal agreements
- Equity in the house around GBP160k, his pension around GBP15k , my GBP10k, his shares are worth around GBP151-200k
-We have joint debts of around GBP30k
- I earn GBP51k no guaranteed bonus , he earns GBP60k plus dividendsKind regards,
Monika

Hello

Thank you for your response.

A few more questions:

- how much would a 2 bedroomed house be in your area?

- how much did you put into the house?

- how much are his dividends on average?

kind regards

Caroline

Customer: replied 1 month ago.
Ideally I would like to keep the house.
2 Bedroom house in my area would cost around GBP400-450k.
I paid GBP35k deposit and fees of GBP15k. We share mortgage, debt and bills payments equally.
His dividends are between GBP10-20k but that was in his previous family company. He hasn't received dividents from this company as yet. He owns 7.55% of total number of shares 1,000,000 so I think he owns less that he thinks more like GBP75.5k correct? I don't know how to check how much 1 share is now worth. Company's name 1g dynamics in Shepreth.Thanks,
Monika

Hello Monika

Thank you for your response.

Please do accept my apologies for my delay in responding to you.

I will prepare an answer for you now although this will take me a little while to type.

kind regards

Caroline

Customer: replied 1 month ago.
No problem. Please take your time. I am not in the rush. My main priority would be to find a way to keep the house. Its also worth mentioning that my husband invested most of last year dividends he received from family company into the shares of the new company 1G dynamics. We agreed that this money should have been used to pay of our debt but he decided to purchase shares from his father without my consent.

Hello

Thank you for your response.

Please accept my sincerest apologies for my delay in responding to you.

I think it is appropriate to give you an overview of the matrimonial finances and how the court deals with the same.

In relation to the matrimonial finances - the correct way of dealing with the same is by making a claim which can only be done once divorce proceedings have been issued.

The matrimonial finances includes all of the assets and liabilities for both of you including your husbands previous property and his shares. You will both be under a duty of full disclosure to provide full details of all assets and liabilities for both of you to each other.

Although your marriage was only a short one, your son is considered a child of the family and the court will want to make sure that his needs are met, in particular his housing needs.

The court considers the following criteria when deciding the share of all assets:

The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would, in the opinion of the Court, be reasonable to expect a party to the marriage to take steps to acquire;The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;The standard of living enjoyed by the family before the breakdown of the marriage;The age of each party to the marriage and the duration of the marriage;Any physical or mental disability of either of the parties to the marriage;The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;The conduct of each of the parties, if that conduct is such that it would, in the opinion of the Court, be inequitable to disregard it;In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring (e.g. a right to your spouse’s pensions).

From what you have said as you have always been the main carer for your minor son and also given your income is less than your husbands then you need to be seeking a larger share of the assets - around 10 - 20% more.

In relation to the house - The courts main priority is the housing needs of your son and making sure that they will be met. Given that there is not enough equity in the house in the house then a court would likely order that the house not be sold and your ex's share be realised until your son reaches 18. Although your ex can argue his other assets as premarital assets a court has a wide discretion and it would not be fair for him to seek to keep his other assets but still include what you paid for the house.

Its likely given his other assets that the court would order that the equity in the house be yours. Your ex's shares would need to be professionally valued.

It is therefore very important that you do not agree to the sale of the house at this time. Your husband has misinformed you as to the likely outcome of financial proceedings.

In relation to income:

- You can claim child maintenance - the Child Maintenance has a calculator on their website which can give you an idea of your husbands liability.

You can also seek spousal maintenance on divorce as your husbans income is higher. There is no set rule but a court will want to make sure that you have enough to meet the childs needs. the court can include an average of his dividends as his income.

You need to consider referring to family mediation. This is a prerequisite before you can apply to court. Google family mediation in your area and give them a call to self refer.

Mediation will try and help you both through full disclosure of both your financial positions and discussions about division.

In relation to the matrimonial finances If agreement can be reached at mediation then a consent order should be submitted to the court when applying for decree absolsute in divorce proceedings to finalise matters.

If agreement cannot be reached at mediation then the mediator will sign the form that you need to apply to court.

If divorce is not yet contemplated then you could consider a separation agreement. Mediation could again help you agree the terms for this. You need to be aware that such separation agreements are not legally binding on a future family court Judge but they can and do order in line with what was agreed if they considered that full disclosure had taken place and what was agreed was fair.

Please do let me know if I can help you further

kind regards

Caroline

Positive feedback is gratefully recieved. I would be grateful if you could leave positive feedback by clicking on the stars.

Customer: replied 1 month ago.
Thank you for your detailed response. I just want to make clear that my son its not my husband's son , I am his main career and he lives in our marital home for 50% of the time and for 50% of the time with his dad (week on/off basis). Dies that have any impact on your comments mentioned above regarding child maintenance and share of marital home? Thanks,
Monika

Hello Monika

Thank you for your response.

No - I had understood that your son was not the biological son of your husband in my response.

What you need to know is that although he is not liable child maintenance ( I do sincerely ***** ***** I had put about child maintenance in the response) but he is not liable fo this, but he is still considered a child of the family when it comes to divorce proceedings and the court will want to make sure his housing needs are met and in this regard he would be considered the same as any other child would including biological children.

You have a shared care arrrangement and therefore your sons housing needs need to met during this time with you and therefore the court will want to make sure that these needs are met.

All information given in previous answer (apart from paragraph on child maintenance - Sorry) are correct and how the court would consider matters in your case.

Please do let me know if I can assist you further

kindest regards

Caroline

Positive feedback ia gratefully received

ukfamilysolicitor and other Family Law Specialists are ready to help you
Customer: replied 1 month ago.
Thank you. I appreciate your help.

Your welcome. If I can help you further please do not hesitate to ask.

kindest regards

Caroline