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My husband is the director of our business. It is set up as…

Customer Question
Hi my husband is...

Hi my husband is the director of our business. It is set up as trust fund. He signed a caveat to our suppliers on our family home to our suppliers

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Sorry i sent send before finished. He signed a caveat on our home to our suppliers. I did not sign. We might be going through devorse and he is letting the business go. I think on purpose as the caveat on our home. Where do I stand? Would only his share go to them or mine as well? We live in W A.

Lawyer's Assistant: Has anything been filed or reported?

They have the forms he signed. Thats it.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Also what rights do I have? I'm a mother of three. One family home and one investment. Also the business set up as a trust with his brothers as silent partners with 20% each. When the trust was written up I wasn't with him. I do work in the business and now more than him. I also get a wage and im used as a tax reduction. My car is owned by me but the business pays for the insurances and fuel as it is used for the business. We also got a loan out for a seperate product to be sold through the business but his brothers did not. They still do get a share of the profit made from it now. He is threatening me with my car and fuel card and telling me we have to sell the house. Also the caveat on our house and all the money will go to the suppliers

Submitted: 9 months ago.Category: Australia Law
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Customer reply replied 9 months ago
He is suffering from a mental disorder that is yet to be diagnosed. What does this mean for me if we go seperate ways? If we sell the houses what percentage do we get each if I have the kids.
Answered in 9 hours by:
11/18/2017
Solicitor: Leon, Solicitor replied 9 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,909
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question today. I may ask a few questions. I can call you for an extra fee.

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Solicitor: Leon, Solicitor replied 9 months ago

Good Morning

The caveat does not affect your share of the house as you have not signed it and I also assume you are not a director and have not signed any guarantees.

Your share is protected.

You are going to have to get a solicitor to assist you and you will need to get full disclosure form your husband about values and the accountant is going to have to also disclose the assets and liabilities of the business.

The law will apply the following 4 steps.

Step 1: Determine what the assets are and their value

This will include all assets and their value as at the day that you are dividing them. It does not matter whose name the assets are in, they will form part of the matrimonial pool. Superannuation entitlements are also included.

Step 2: Determine what contributions you and your Husband made towards the assets.

This includes a consideration of both financial and non-financial contributions. Consideration is given to what assets each of you brought into the marriage as well. The weight given to your initial contribution will be dependent upon the length of your relationship. The longer the relationship the less weight given to the initial contribution.

Step 3: What are each of your future needs.

Consideration is given to your respective ages, your comparitive income earning capacity as well as other factors.

IF these things don't balance equally for each spouse, then an adjustment is made in the percentages.

Step 4: Make an order that is just and equitable between both spouses

The quicker you do this the better and get the ball rolling.

You are entitled to a Split of everything and if the children are under 18 and you have been the main carer the split will give you more than 50%.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. I am happy for you to ask further questions on anything you wish more detail on.

Regards

Leon

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Customer reply replied 9 months ago
Thank you. Sorry I was wrong it was a indemnity agreement not a caveat. Do you know my rights with that. I didn't sign it be he did.
Solicitor: Leon, Solicitor replied 9 months ago

Good evening

The agreement is what he signed but the Caveat is what has to be registered.

The agreement must give them the right to register the caveat.

Your rights are as I said provided you have not signed the indemnity agreement

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