How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 33530
Experience:  25 years experience of all aspects of family law
13262538
Type Your UK Family Law Question Here...
Clare is online now
A new question is answered every 9 seconds

Hi Claire. Youve given me advice in the past. Is it possible

This answer was rated:

Hi Claire. Youve given me advice in the past. Is it possible I could formally engage you? Kind regards XXXXX XXXXX Shafi
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 3 years 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

HI
What is the extent of the assets?
Claire
Customer: replied 3 years ago.

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

Hi
Just to check - the Loan notes have a value - they could be sold?
Claire
Customer: replied 3 years ago.

No - they can't be sold - only realised


 

Hi
But they can be realised?
Claire
Customer: replied 3 years 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

Hi
Has he declared this to the CSA?
Claire
Customer: replied 3 years 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.

Hi
#Where did the funds for these come from?
Claire
Customer: replied 3 years 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.

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 and other UK Family Law Specialists are ready to help you

Related UK Family Law Questions