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James Mather
James Mather,
Category: Family Law
Satisfied Customers: 1390
Experience:  Senior Partner at Berkson Wallace
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My wife and I are separating and divorcing in the near future

Customer Question

My wife and I are separating and divorcing in the near future we have 2 children...I have a limited company, we also run a farm which my wife does most of the work we have a livery yard at the farm and a b&b which my wife runs and I help out a little when I can, she also has a riding school based at the farm, we own 2 thirds of the freehold the remainder is a loan, my company is LTD all the shares of the company are in my name the company pays a high rent for its premises to help us pay the mortgage, I know she is entitled to 50% of everything! but what powers will this give her in my company, and how is it all decided what to pay maintenance, what are my rights for access to the children ... I have moved out of the farm and currently renting.... I've just put this down with out any real though but it's a good start to what I need to know, I'm sure your answers will lead to a few more questions

Submitted: 4 years ago.
Category: Family Law
Expert:  Clare replied 4 years ago.
Thank you for your question.
My name is Clare and I will do my best to help you but I need some further information first.
can you put a value on these assets/businesses?
Customer: replied 4 years ago.
Hmm, it's difficult... my business has been going for 15 years but still relies fully on me, it would fail if I wasn't there... As to a value it probably has a net worth of about £300,000.00 the farm is worth 1.5 million approx the b&b does around 15,000 a year but all cost are hidden in the running of the house and farm, it's the same with the riding school it turns over about 50k with profits around 20k the livery yard earns around 15k to but none of these pays rent to the farm so are not accurate if they we're run as proper companies
Expert:  Clare replied 4 years ago.
Can any of the businesses/assets be separated?
Customer: replied 4 years ago.
My company is separate and can move to other premises,
The farm businesses are dependant on the farm.. Because now I'm renting this is more costs and the farm is a struggle to keep as it is, if we sell the farm the other businesses will fail.. But my intention was to try and keep the farm so my wife will have an income and it's a great place for the kids
Expert:  Clare replied 4 years ago.
How much is outstanding on the mortgage on the farm?
What income do you each have?