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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7609
Experience:  BA (Hons), PgDip, Practising Solicitor
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My Husband of 21 years has his own business but is in the process

Resolved Question:

My Husband of 21 years has his own business but is in the process of moving all profits to a company he has set up in Panama. It looks like a divorce is looming and I wonder where I stand and who I need to speak to about this? I am a full time housewife and all my income is provided by him.
Submitted: 5 years ago.
Category: UK Law
Expert:  Thomas replied 5 years ago.

Thanks for your question.

If you have been married to your husband for 21 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. This would include the interest he holds in the business.

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.

You need to speak with the solicitor about this when you have your appointment and you should attempt to move the appointment forward if there is a long gap until you meet with them. There are things you can do in terms of securing your financial settlement in that you can involved the Court formally in the financial side of the divorce once divroce proceedings have begun and force him to disclosed the assets under his control and where they . If they are being transferred to Panama then it is going to create complications and this is why time is of the essence really. Your solicitor will be able to help you with this but it is crucial that you get specific advice from them and then instruct on that basis.
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Kind regards,

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