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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 1912
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am separating from my wife and i want to know how to

Resolved Question:

Hi, I am separating from my wife and i want to know how to protect my business and my income. What is she entitled to and how can I make sure I don't get 'taken to the cleaners'?
Regards
***** *****
Submitted: 7 months ago.
Category: Law
Expert:  Harris replied 7 months ago.
Hi, thank you for your question. Just a bit more information required to fully assist you:-How long have you been married?-How old are you both?-What assets do you both have, including pensions?-What is the business valued at?-What are your respective incomes?-Do you have any children, if so their ages and arrangements?
Customer: replied 7 months ago.
Hi,- We've been co-habiting with three children since 1999 but married since 2008.
- I'm 46, she's 44.
- We own nothing except for the furniture in our rented house. Neither of us have pensions.
- My business has only been going 6 months and turnover is projected for the firsth 12 months to be approx £50K
- I have gross business earnings of about £3,500 per month at the moment.
- Three boys: 15, 14 and 7. They will live with her but will be with me about 40-50% of the time
Customer: replied 7 months ago.
Will be she entitled to any earnings I make after the separation? At what point is the calculation made and is it reviewable?
Expert:  Harris replied 7 months ago.
Thank you for confirming.Firstly, in terms of child maintenance, the legal amount you should be paying is £56 per week. This is on the basis of your £3500pm gross income and the children staying overnight with you on average more than 3 nights a week. If the amount of time they stay with you reduces, then the legal obligation will increase.In terms of the business, as this is your source of income a court will not likely consider this as a capital asset as it is where your income comes from, but if the value of the company increases and there is no financial settlement, then a court will likely consider the capital in the company.In terms of spousal maintenance, this is based on her reasonable needs - so her reasonable expenses and outgoings for herself. She will need to demonstrate that she is maximising her earning potential (both income and benefits) and if there is any shortfall, then it would be reasonable for her to pursue a claim against you to meet the shortfall. If she does this, it would be in your interest to seek for there to be a time limit and for her to continue pursuing maximisation of her earning potential.The calculations will be made at the time of the negotiations - you will both need to provide each other with full and frank financial disclosure, and you can request for it to be reviewed on significant changes in circumstances, for example her cohabitation with a new partner or remarriage, as well as the children reaching a certain age (eg. finishing education).I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
Harris, Law Specialist
Category: Law
Satisfied Customers: 1912
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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