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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33276
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My husband owns 15% of a company he was gifted the shares whilst

Customer Question

My husband owns 15% of a company he was gifted the shares whilst married to me and I also work for the company. He is now selling the company premises to clear debt can he do this without consulting me
Submitted: 3 years ago.
Category: Law
Expert:  Stuart J replied 3 years ago.
Who are the other shareholders?
Customer: replied 3 years ago.

there is 4 other share holders. three are his cousins one is another non related director

Expert:  Stuart J replied 3 years ago.
Why would he need to consult you?
Customer: replied 3 years ago.

because he inherited it whilst married to me. we are now separated and divorcing are half of his shares mine


 

Expert:  Stuart J replied 3 years ago.




Ah, you missed the bit about divorce out of the initial question.

In a nutshell, whilst it has to declare the earnings as
part of his overall assets and income, you do not necessarily automatically
have an entitlement to half or all or any any pretty well.



Each case is looked at on it assets and no longer have to
use separate he inherits, the less chance you have of making a claim.



Similarly, if you can be provided for adequately from all
the other assets of the marriage you have less chance of a claim.



This explains a little more http://www.marilynstowe.co.uk/2011/05/18/what-happens-to-an-inheritance-in-the-event-of-divorce/



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Expert:  Clare replied 3 years ago.
Hi
He does not have to consult to you before selling the Shares - but he will have to account for the monies that he receives from the sale as part of the financial negotiations between you.
The fact that he Inherited the assets does effect the claim that you have on them - but if he is using the proceeds to pay debts that will act in your favour
Claire
Customer: replied 3 years ago.


He is using the money to clear debts for the business

Expert:  Clare replied 3 years ago.
Hi
Even so I am afraid that it is up to the Company what they sell and what it is used for
The shares may well form part of the Matrimonial Assets - but that does not make you a joint owner of the shares so there is no action you can take to prevent this
Claire

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