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JeremyT1020
JeremyT1020,
Category: Law
Satisfied Customers: 961
Experience:  Expert
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My husband has a business in which he owns 100% of shares. I

Customer Question

Hi there, my husband has a business in which he owns 100% of shares. I am the company secretary. He is going to spain underselling the business which is part of the marrital pot and leaving me for another woman. there is £28,0000 sitting in the bank. I usually am able to pay bills and move money around e.g. pay mortgage from this. If I move a large lump sum out of the business into a joint account or pay our joint mortgage without talking to him to protect him draining the business is this legal?
JA: Where is the secretary? It matters because laws vary by location.
Customer: uk, I am the company secretary
JA: What steps has the secretary taken so far?
Customer: I haven't taken any steps
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 17 days ago.
Category: Law
Expert:  JeremyT1020 replied 17 days ago.
Good evening and thank you for your question. I'm a solicitor specialising in family law and dispute resolution so I'd be happy to offer some guidance on this matter.I'll need a little more information to fully answer your question. First and foremost, how long were you married? Have you got any dependent children? What joint assets do you have aside from the business?Thanks, J
Customer: replied 17 days ago.
Hi jeremy I should have given you a different email***@******.***. This is because my husband may be able to view the gmail address. In respect to other assets there is two properties, motor bikes some land and cash in the bank. But the pot is small, I went to a solicitor and they said I had to appeal to him to understand that he will be leaving me destitue in old age if he gives me what he has proposed. He has said he is off within a month and really in a precarious situation. The business is valued at around £60,000 but he want to accept an offer of £15000 and buz off. The mortgage on the house is £20,000 left on it.
Customer: replied 17 days ago.
I forgot to say no dependant children and been together 32 years married since 2014
Expert:  JeremyT1020 replied 17 days ago.
Hello again and thank you for your replies. I'm afraid I can't take a call at this moment. The call offer is a site-generated pop-up.
Expert:  JeremyT1020 replied 17 days ago.
If your husband is looking to deliberately undervalue the business, you should expect to receive a larger share from another asset.
Customer: replied 17 days ago.
can you email me then and forget the call. I would need a refund
Customer: replied 17 days ago.
are you still there jeremy? Do you know if I can move the money to pay off the mortgage
Expert:  JeremyT1020 replied 17 days ago.
I'm afraid I can't exchange personal details with you. I have to communicate with you via the Just Answer messenger.
Customer: replied 17 days ago.
whats the just answer message
Expert:  JeremyT1020 replied 17 days ago.
If you want tobstop him moving the money, you may have to consider making an application for a financial remedy order and, in particular, a section 37 application to stop him dissipating the assets.
Expert:  JeremyT1020 replied 17 days ago.
Just Answer messenger chat.
Expert:  JeremyT1020 replied 17 days ago.
You could potentially make the application quickly
Expert:  JeremyT1020 replied 17 days ago.
You could effectively freeze his assets.
Customer: replied 17 days ago.
I don’t want to do this as my only income. Just wanted to know if it was legal to move money out of the business. This is usually my job but not sure now he has mentioned filing for divorce
Customer: replied 17 days ago.
what application do you mean?
Expert:  JeremyT1020 replied 17 days ago.
I think you could move the money into one of you accounts as a precaution. Tell him you will not unnecessarily dissipate the money provided you have assurances from him in relation to a fair division of the assets.
Customer: replied 17 days ago.
thanks thats great news
Expert:  JeremyT1020 replied 17 days ago.
The application to stop a spouse dissipating assets is known as a section 37 application. You'd need to make an application for a financial remedy application using a Form A.
Expert:  JeremyT1020 replied 16 days ago.

Good evening. I note I haven't heard anything further from you for about a day so I trust you're happy with my answers to your questions. If you have any new questions, please feel free to start a separate thread and mark the question 'FAOCustomer as I'd be delighted to help. Otherwise, thank you for this question and for using Just Answer. Best wishes, J

Customer: replied 16 days ago.
Thanks yes it was helpful thanks
Expert:  JeremyT1020 replied 16 days ago.

Genuinely pleased to have helped.  Kind regards, J