Hi, we got married in Scotland just over two years ago. We are still together and there's no talks of divorce yet but things are gradually going to a wrong direction. So from my point of view I would like to know in advance where I would stand in terms my financial situation if it comes to divorce. Below is a brief explanation of my current situation:
- We don't have a joint account.
- We live in a rented property.
- I have two properties under my name that I bought well before the marriage and that are being rented out. Would those properties be treated as a joint asset?
- I'm a business owner and I have a limited company where I'm 100% shareholder and my wife works for a company as an employee and gets a salary. She is also a full time student.
- There's ten of thousands of pounds in the company's bank account. Would that be treated as joint assets? Also, what about the estimated value of the company itself?
- In my own personal savings account I have tens of thousands that were paid to me by the company as dividends a year or so ago while we were married. Would this be treated as a joint asset?
Hi, thanks for your answer. Can you though clarify a few points.
- My wife works as an admin and book keeper for the business on part time basis as she does a college degree on a full time basis.How likely she could be successful with the claim that her contributions to the business in a couple of years (business is running for 7 years) time are substantial enough to gt a share of it during the divorce?
- If the worst comes to the worst, in terms of company valuation, is it's Net Worth based on the actual Assets and Liability that would be taken into account? What about the hypothetical value if the business is sold?
- Regarding the cash dividend that I paid out to myself earlier in a year are being used for mutual things like holidays, etc. Also, I might decide to pay back the business loan I had from a friend earlier.If it came to the divorce some time in the future, I'm assuming only the remaining amount, if any left, would be treated as marital asset?
- What in that case about any cash savings in my personal account, are they all treated as marital assets, no matter of the source of that income?