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ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 1385
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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My wife wants a divorce and we both own 33% of a family business

Customer Question

my wife wants a divorce and we both own 33% of a family business how do i go about getting mine please
Submitted: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello Welcome to Just Answer I am a Solicitor and will assist you. In respect of the matrimonial finances – there is a set process for dealing with the same. Divorce proceedings and finances proceedings, whilst they do link together at points, are actually in fact separate proceedings. It is possible for either party to make a claim in respect of the matrimonial finances. The matrimonial finances does not just include the business that you both have but the assets and liabilities of both of you including pensions, savings etc The first step to dealing with the matrimonial finances is full and frank disclosure of all of the assets and liabilities for both of you. This includes everything. It is only when full disclosure has taken place that discussions can start about division. With a long marriage (over 5 years) the normal starting point for the division of matrimonial assets is a 50/50 division of all assets. The Matrimonial Causes Act sets out several factors which can lead to departure of the 50/50. A few examples, the earning capacity for both of you for the future, future care of children. Just because on paper you own only 33% of the family business does not mean that you are limited to such a share when dealing with the matrimonial finances. You will not even be able to start discussions until your wife has engaged in full and frank disclosure. If this does not happen then you could be simply selling yourself short. I would suggest that you consider referring your case to family mediation. Family mediation will help both you and your wife through the process of full and frank disclosure as well as discussions about division. That are lots of family mediation services and there will be one local to you. If you just google family mediation in your area and then you can give them a call to get the ball rolling. If your wife engages with mediation and matters can be agreed then a consent order can be prepared which can be submitted to the court for approval. Once this has been approved by the court – it becomes legally binding. If your wife wont provide full disclosure or engage in mediation then you should make an application to the court so that the court can compel her to engage in disclosure and the court can also make the decision as to what the split should be. Under no circumstances should you agree to distribute any assets until you have an order of the court either by court order or consent. Not to follow this advice could leave you open for a further claim against you and / or selling yourself short in respect of any settlement. Please do not hesitate to ask if I can clarify anything for you or assist you further. Kind Regards ***** ***** kindly remember to star rate our service so that we receive credit for helping you today.