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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34589
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Good morning I have recently separated from my husband of

Customer Question

Good morning
I have recently separated from my husband of eleven years, no children. The house is in the name of a company that my husband owns, along with a further six properties that he lets out. I have no shares, my car is in the company name, no properties in my name. About five years ago I sold my own house that I had before I met my husband and gave him all the proceeds to help his failing business ie recession, approx £55000, also at this time we maxed out my credit cards to pay suppliers etc and a loan in my name which is approx £36000 in total. I have a agreement with the credit card companies and bank to pay back a very small amount each month due to defaulting on payments. I am currently renting a property and am on benefits. Please could you advise me of my rights financially, many thanks
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 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 much is the equity in the various properties and how much is the Company worth?
Clare
Customer: replied 2 years ago.
Hello Clare
Thanks for your swift response the properties are worth approx 1.7m there is a loan against them of approx 700k. Also I have worked for the properties firm for over ten years as properties manager, many thanks
Expert:  Clare replied 2 years ago.
Hi
How much are they each worth?
Clare
Customer: replied 2 years ago.
Hi do you mean the individual properties within the portfolio
Sue
Customer: replied 2 years ago.
Ok the breakdown is approx 200k, 200k, 250k, 150k, 100k, 350k, 350k, and 180k, our home is one of the 350k
Sue
Expert:  Clare replied 2 years ago.
Hi
Thank you and what income do you each have?
Is there a property you would like to live in?
Clare
Customer: replied 2 years ago.
Hi well I was taking drawings of £150 a week and my husband takes whatever he wants from the profit, also I didn't pay for any household bills etc. There isn't really a property I would want as they are student houses, flats and one commercial property
Sue
Expert:  Clare replied 2 years ago.
Hi
How much would a one bedroom property in a reasonable area cost to buy?
Clare
Customer: replied 2 years ago.
Hi well there aren't many I bed houses, I wouldn't want a flat, so a small two bed in a good area would be approx 200k
Sue
Expert:  Clare replied 2 years ago.
Hi
How much is a one bedroom flat (the information is needed I am afraid)
Clare
Customer: replied 2 years ago.
Ok sorry Clare, a decent one bed in a decent area approx 150,000 thanks
Sue
Expert:  Clare replied 2 years ago.
Hi
Given the length of your relationship, the extent of the assets and your financial contribution you have a clear financial claim on your husband's assets - in this case his company.
It is likely that a mortgage free home (and a two bedroom one at that) is the minimum that the court woudl award although I woudl suspect £250,000 is achievable if all went well
You shoudl try and negotiate with your ex using Family mediation
www.familymediationhelpline.org.uk
If your ex will not co-operate then you may need to issue divorce proceedings sooner rather than later
please ask if you need further details
Clare
Customer: replied 2 years ago.
Good morning Clare thanks for that is there anything in the meantime that I need to do to protect myself? Also as we have no children am I able to claim any maintenance.
Sue
Expert:  Clare replied 2 years ago.
Hi
Maintenance is harder to assess as I have no clear idea of what his income is - but it is certainly a possibility.
The fact that the company owns the properties rather than your ex limits the protection that you can seek I am afraid
Clare
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.
Hi Clare sorry just one more question with regards ***** ***** money that I gave my husband from the sale of my house and the 36k personal debt I have that was used for the business where do I stand with that, many thanks
Sue
Expert:  Clare replied 2 years ago.
Hi
I would expect the debt to be cleared as well as your receiving sufficient for a home.
The money from the house is part of what entitles you to the settlement
Clare