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Thomas
Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 7609
Experience:  BA (Hons), PgDip, Practising Solicitor
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As a wife of 41 years, married to a self-employed builder (business

Resolved Question:

As a wife of 41 years, married to a self-employed builder (business commenced in 1978 but now ceased) what entitlement should I expect on divorce in lieu of the business? during that time my involvement included all plans and drawings, all finance (end of year returns to HMRC, yearly preparation of accounts for submission to accountant, PAYE and Sub-contractors, paying bills and all banking requirements.
Submitted: 6 years ago.
Category: UK Family Law
Expert:  Thomas replied 6 years ago.

Hi

Thanks for your question.

To enable me to answer your question could you please respond to the following:-

  • 1. You state the business has ceased, does this mean your husband does not work anymore
  • 2. What happened the assets/earnings of your husband's business

Kind regards.

Tom

 

Customer: replied 6 years ago.
My husband is semi-retired and at present does the occasional job for family, friends and neighbours.

Assets went into a joint account which I had sole responsibility for (i.e swapping monies to keep in credit and pay business an household bills.
Customer: replied 6 years ago.
My husband is semi-retired and at present does the occasional job for family, friends and neighbours.

Assets went into a joint account which I had sole responsibility for (i.e swapping monies to keep in credit and pay business and household bills.)
Expert:  Thomas replied 6 years ago.

Hi,

 

Thanks for your reply.

 

If you have been married to your husband for 41 years then the marriage is classed as a "Long" marriage for the purpose of matrimonial settlement pursuant to any divorce that should occur. This means that all assets of each person acquired both prior to and during marriage are included in the matrimonial pool of assets over which settlement shall be negotiated.

 

Insofar as your husband's trade is concerned he earned his income in his personal capacity if he is self employed, this is not a separate legal entity like a company through which he trades that can hold assets in the name of that company. The money earned through his employment has presumably gone in to your assets (house, savings etc) and these will be included in the matrimonial asset pool.

 

There is a presumption in long marriages that each party shall receive 50% of those assets. This presumption can be rebutted largely if there are minor children that shall reside with one party or, to a much lesser extent, if one party requires more income/assets because they have a health condition that requires this.

 

 

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Kind regards,


Tom

 

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