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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 34236
Experience:  25 years experience of all aspects of family law
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Im about to undertake a divorce from my wife and want to

Customer Question

Hi
JA: Hi. What seems to be the problem?
Customer: Im about to undertake a divorce from my wife and want to know if she will have a claim on my ltd company or for spousal support
JA: Because family law varies from place to place, can you tell me what state this is in?
Customer: UK
JA: Have you talked to a lawyer yet?
Customer: england
JA: Anything else you want the lawyer to know before I connect you?
Customer: not yet
Submitted: 4 months ago.
Category: UK Family Law
Customer: replied 4 months ago.
we have 3 children 7+6+3. i have a 12 year old from my previous marriage who lives mostly with her mother. i pay £110.month for her support. i will be paying myself £21500 from this month onwards. previously i had paid both of us approx £8600 each from an older business of which she has 50% share but it is about to be wound up as it is no longer trading. I am the sole share holder of the other actively trading company. it has a t/o of approx £120000 and gross profit of approx £30000. there is approx stock value of £35000 and cash of £20000.i will be looking after children at least 50% of the time at my own house.do i need to offer her spousal support and can she claim furture earnings from the business of which i am sole share holder?she will receive the child benefit and work 16hours for £520/month plus receive tax credits of approx £1070/month. she will be in receipt of approx equal income to me.
Customer: replied 4 months ago.
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Expert:  Clare replied 4 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first.

What type of businesses are they?

Customer: replied 4 months ago.
Hi ClareThey are both ltd companies. North Star was a waste cooking oil collection business, the customer list was sold 3 years ago and a commision paid over those 3 years by the buyer. It is shortly to be closed.Boldtrader sells childrens toys via amazon. I am the sole director and employee. If i were to stop working the business would not continue.please let me know if you there are any other details you reuqire.thanksBen
Expert:  Clare replied 4 months ago.

But your income will be £21,000 a year?

What about the capital assets?

Customer: replied 4 months ago.
Hi Clare, yes, I don't draw every last penny from the business. I am reinvesting profits for growth. Capital assets are minimal, no property or vehicles just basic office equipment.
Expert:  Clare replied 4 months ago.

Sorry - no Matrimonial home?

Customer: replied 4 months ago.
Sorry, i thought you meant within the business. I've attached a completed financial questionaire which might answer a lot of you questions.
Expert:  Clare replied 4 months ago.

Sorry there is no attachment

Customer: replied 4 months ago.
attached again, thanks
Expert:  Clare replied 4 months ago.

Where is your wife moving to?

Customer: replied 4 months ago.
its intended that my wife will remain in the family home and i will rent a house in the same village.
Expert:  Clare replied 4 months ago.

Will you transfer the property to her?

Customer: replied 4 months ago.
no, she'll live there with the children and it wiil be sold when they leave education or until she remarries or begins cohabiting with someone else.
Customer: replied 4 months ago.
i will have them 50% at my new home each week also.
Customer: replied 4 months ago.
does it usually take this long to resolve a question?
Expert:  Clare replied 4 months ago.

My apologies for the delay - it was a very long court day yesterday.

The value of the Company (if it has any which is hard to assess but seems unlikely) certainly forms part of the matrimonial assets and as such could potentially help her secure a large part of the equity in the matrimonial.

Spouse maintenance if your income (including that from dividends) remains the same is unlikely as the difference between your earned income and hers is not that great.

However if you wish to protect yourself for the future it would be wise to negotiate a Clean Break settlement now - even if that requires agreeing a 60/40 split in her favour

I hope that this is of assistance - please ask if you need further details