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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33325
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Dear Sirs Background I have been married years

Customer Question

Dear Sirs
Background
I have been married for two years and now look to get divorced.
Our marriage was registered in Thailand but has been acknowledged in the UK.
My wife is a UK national and I am Portuguese.
We are currently resident in Botswana (Africa) but all marital assets are in the UK.
Marital Assets
1. Residential House in UK
Literally one month before getting married I signed a Deed of Trust with my Mom for a house based on capital contributions made wherein I am entitled to 2% residual payout.
The house however is in my name only and under mortgage also in my name only.
The mortgage payment trail is as follows: I pay the monthly repayment and my mom deposits the same into my account.
Would this Deed of Trust stand against the house being considered a marital asset over and above the 2% residual it assigns to me?
What argument could invalidate this Deed of Trust?
2. Shareholding in Botswana Company
I am the co owner/shareholder and Director of an accounting practice based in Botswana which I set up before we got married.
My wife has no shareholding or directorship in this company.
There is no shareholder agreement.
Presumably my wife would be entitled to my 50% shareholding? If so how is this value normally arrived at in divorce cases?
3. Shareholding in a UK Company
I am the co owner/shareholder and Director of a cloud accounting business in the UK with my mom.
This business is in early stages and as it stands simply has circa GBP10k cash balance.
Presumably my wife would be entitled to my 50% shareholding? If so how is this value normally arrived at in divorce cases?
Look forward to your feedback and quote for assistance on the above.
Kind regards
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow long have you actually lives together and are there any children?What income do you each have?What is the value of all the assets and debts INCLUDING the matrimonial home
Customer: replied 1 year ago.
We have lived together for seven years of which 2 of the 7 we have been married.We have no children.We both have self employed income (she has a contract through the company I have a shareholding in).Property GBP120k (mortgage outstanding GBP100k)
Cash Balances GBP40k (after removing credit card balances)
.
Expert:  Clare replied 1 year ago.
So in fact the equity in the matrimonial home is only £20,0000 What are the two businesses worth?What income do you each actually receive?Who lives in the matrimonial home and what contribution did your mother actually make?
Customer: replied 1 year ago.
Equity in the home is GBP20k.
UK businss is worth GBP12k at this stage.
Botswana business is worth GBP40k
My parents currently live in the residential home which I purchased before my wife and got together early 2008.
The Deed of Trust I signed with my mom was only signed by me in November 2012.
My mom contributed the full deposit and I only made a years worth of the initial repayments GBP4k.
Expert:  Clare replied 1 year ago.
What income do you and your wife currently have
Customer: replied 1 year ago.
I earn GBP5k per momth
She is on GBP3k
Expert:  Clare replied 1 year ago.
What will she be able to earn after you separate
Customer: replied 1 year ago.
Same amounts (her contract housed under the Botswana Company can be easily taken out of the billing). There are no overheads linked to her contract.
Expert:  Clare replied 1 year ago.
What capital assets if any did she bring to the marriage?
Customer: replied 1 year ago.
Nothing
Expert:  Clare replied 1 year ago.
Have you parents always lived in the property?
Customer: replied 1 year ago.
Yes from day one
Expert:  Clare replied 1 year ago.
From what you have said the Deed of Trust should stand - although it is possible that the family court MAY award her a slightly higher share of the overall assets - say 60/40 to allow for the fact that your UK housing needs are adequately provided forI hope that this is of assistance - please ask if you need further details
Customer: replied 1 year ago.
So despite the fact that we were living together when the Deed of Trust was signed albeit not legally married, this Deed should still stand?
Expert:  Clare replied 1 year ago.
It is more a matter of the Court reflecting the actual financial position and deciding accordingly than it upholding the Deed of Trust.That and the fact that there are other assets to utilise
Customer: replied 1 year ago.
Would I be forced to sell the House?
Expert:  Clare replied 1 year ago.

Unlikely since there are other assets that could be used to pay your ex

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