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SASH_Law, Family Lawyer
Category: Family Law
Satisfied Customers: 6376
Experience:  LLB (Hons)
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My wife wants a divorce, two children, a mortgage and a Ltd

Customer Question

Hi my wife wants a divorce
JA: What are the assets involved here? Are there any minor children?
Customer: two children, a mortgage and a Ltd company in my name
JA: Where are you located? Divorce laws vary by location.
Customer: surrey uk
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: my wife is a share holder and an employee
Submitted: 10 days ago.
Category: Family Law
Expert:  SASH_Law replied 10 days ago.

Hello, how are you today? 

My name is Lea. It would be nice if you could let me know your name, so that I know who I am talking to. I am going to see if I can assist with your query. I may need to ask you additional questions and it is important for you to answer all the questions clearly, so that I have the information I need to give you an accurate response for your specific legal situation. JA is a Q&A website, and this ‘chat’ is email based, which means responses may not be immediate. Do rest assured however, that I will be providing you with an answer to your query today.

The site will offer a phone call, this is automated and it is important for you to know that I do not make calls. I will answer your query online.

Please confirm that you have read and understood this message and then we can begin.

Customer: replied 10 days ago.
Hi my name is martyn
Expert:  SASH_Law replied 10 days ago.

Hello Martyn

What is your question about divorce, or is your query about the marital assets?

Customer: replied 10 days ago.
I currently have a Ltd company and in April I made my wife an employee to give her an additional income, I also set the business up with her owning 1 share. The current business has approx £12000 in the account and I set this business up for haulage. Now I need £12000 in the account for financial standing.
I want to set up a separate Ltd company to separate haulage from engineering. I want to put the haulage one on hold. I want to resign from my first Ltd company and keep it with the financial standing in there until I am ready to progress with the business further. I would also like to make my wife redundant from it and preferably remove her from being a shareholder. I want to give her the option of invoicing me on a monthly basis as a contractor for the new business. Until I have to move out and then I will pay relevant child maintenance accordingly. I want to know how I legally stand with this as I can’t afford to pay her shares, pay a wage, pay maintenance and pay the house
Expert:  SASH_Law replied 9 days ago.

Your query is somewhat employment law/company law related, but I have answered the marital aspect below. If you want specific guidance on employment/company law, you will need to repost that part of the query and make sure you put it under 'employment law' or 'company law' - as those queries are not 'family law' related.

I should firstly make it clear to you that if you close one company and open a new one, your wife will still have a beneficial claim as the businesses will be seen as marital assets.

The starting point for sharing of assets accrued during the marriage is 50/50, and the court can adjust this up or down for either party depending on needs, needs of the kids, and the factors in s25 of the Matrimonial Causes Act 1973

It's a complicated area of law and no one can tell you exactly what either of you will get from the marital assets until full financial disclosure has taken place from both of you - and even then a solicitor will only be able to give you a ballpark assessment, as the judge relies on the aforementioned law, but has a great deal of discretion available to him/her to make the final decision as to who gets what.

I presume the intent is to cut your wife out of the business, but as I said above, it will still be a shared marital asset.

Your only obligation, if you are getting divorced, is to pay child maintenance. If she is living in the home, you can expect her to pay the mortgage.  If it is a joint mortgage you're both jointly and severally liable for the payments, and if it is in your sole name, you are liable for the payments - but as above, if she is the one living in it, it would not be unreasonable to expect her to make the payment.  You can discount the mortgage payment from any child maintenance that is due.  You do not have to pay spousal maintenance until or unless a court orders it.

Expert:  SASH_Law replied 9 days ago.

Can I clarify anything?

Expert:  SASH_Law replied 9 days ago.

If you have new questions and wish to ask for my assistance, you can do so by putting FOR SASH_Law ONLY in the subject heading of a new thread. Alternatively, once you have rated this question, you will get the option to add me as a favourite expert from your membership page. Then, when you wish to ask me another query, you can then simply type “@“ followed by my name in your next chat, e.g. @SASH_Law.

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