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Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 29038
Experience:  25 years experience of all aspects of family law
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Hi Claire. Youve given me advice in the past. Is it possible

Resolved Question:

Hi Claire. Youve given me advice in the past. Is it possible I could formally engage you? Kind regards XXXXX XXXXX Shafi
Submitted: 1 year ago.
Category: UK Family Law
Expert:  Clare replied 1 year ago.
HI
Thank you for your question - unfortunately we are not allowed any contact outside of this question and answer forum
I am however happy to help in any way I can
Claire
Customer: replied 1 year ago.

Thanks for letting me know. My partner (who is no longer employed) has an appeal hearing re maintenance. The claimant had her claim rejected by the CSA. Her grounds for appeal are that she doesnt believe that my partner has no income because he is a "wealthy man". Whilst my partner is relatively asset rich, he has no income from any other source. I basically support him. The claimant has provided no evidence to back up her claim. My partner basically needs to know how to prepare for the tribunal, and what documents he ought to provide. He'd also like an indication as to the potential outcome. Cheers

Expert:  Clare replied 1 year ago.
HI
What is the extent of the assets?
Claire
Customer: replied 1 year ago.

A property (worth circa £1m - we live in it) and loan notes worth circe £1m (not income bearing). Cheers

Expert:  Clare replied 1 year ago.
Hi
Just to check - the Loan notes have a value - they could be sold?
Claire
Customer: replied 1 year ago.

No - they can't be sold - only realised


 

Expert:  Clare replied 1 year ago.
Hi
But they can be realised?
Claire
Customer: replied 1 year ago.

Yes - upon an event like a company sale/ flotation. However, they cannot be used as security. My partner intends to repay debts and extend the property once he has the funds. He cannot have a release of funds or a loan against them until the company is sold/ floated - and he has no control over that

Expert:  Clare replied 1 year ago.
Hi
Has he declared this to the CSA?
Claire
Customer: replied 1 year ago.

No - he hasn't. They are impossible to value - they might never be realised - they could be valueless. Until the 'event', their actual value cannot be determined.

Expert:  Clare replied 1 year ago.
Hi
#Where did the funds for these come from?
Claire
Customer: replied 1 year ago.

He purchased them for £75,000 in 2005 - it was part of a deal when his old company (in which he was MD) was floated. It's deferred consideration on a share sale - hence the risk.

Expert:  Clare replied 1 year ago.
HI
I am afraid that the CSA will not look at this in the same way
The CSA WILL see this as an asset that should have been disclosed and I am afraid they will lead to an assessment based on a notional income of 8% from the assets which is then subject to the assessment
So far as the actual hearing is concerned your partner will have to show that your income meets all the outgoings on the property and funds the lifestyle that you are living.
So he will need to take in evidence of your income and that this is what pays ALL the bills
However the loan note position is a big risk and he should be aware of it
You can get help here
http://www.nacsa.co.uk/
I hope that this is of assistance - please ask if you need further
details
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 29038
Experience: 25 years experience of all aspects of family law
Clare and other UK Family Law Specialists are ready to help you

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Clare
Clare
Solicitor
12996 Satisfied Customers
25 years experience of all aspects of family law