Guest viewing is limited

Limited company

G

GazWaz

New member
Member
Hi fellas - need some help here - quite desperately really.

Currently I have a limited company set up during separation period and my ex wife has applied for divorce and a financial consent order. I already pay child maintanance but I got a feeling she wants more money from my business. I have moved on now with my new partner which she is a diamond (thank God). Question is, how do I protect myself? I know that assets from my limited company is not protected (until today I just found out)_...surely there must be a way to protect this....

I have been married for over ten years with two kids (just to give a bit of background).

Please guys if there is anyone that can help I would be so so so so grateful.

Thanks in advance

Gary
 
I'm not an expert on this, but my understanding is that if it's a limited company, it is only your personal salary from the company that is assessed. Any other assets or income are owned by the business itself. Presumably you're a director? What is assessed as well as your salary though, are any annual dividends etc paid out to you by the business.

I'd suggest having a chat with an accountant - they are pretty good on the legal aspects of limited companies. When a friend of mine was getting divorced he was told - you need an accountant rather than a lawyer re the business aspects. Lawyers don't understand all the business aspects.

Was your ex ever part of the business? In terms of divorce, the starting point is 50/50 re assets - eg house equity and savings. Child maintenance is as assessed by the CMS. How old are your kids? Your ex might try to go for spousal maintenance. Does she work? Do you both have pensions? She could be entitled to a share of your pension if she doesn't have one.
 
You can pay yourself in dividends instead of a salary, which is perfectly legitimate and of which you'll be taxed. This often gets spiteful exes backs up as your CMS payments may not be what she was hoping you'd be stung by and they usually claim you're committing tax avoidance but this is not the case.
 
Thanks guys - my kids are 12 and 8. I have no house or any major assets. She has never been part of my business. Just so worried with all this!
 
The usual issue is the ex making it difficult for you to see the kids unless you agree to an unreasonable financial settlement. And even then they can be difficult about you seeing the kids regularly and cause issues.

Usual advice is to get a child arrangements order first - then you can't be blackmailed over the divorce finances. This can be done either by consent, or by court application. I mention that particularly as your eldest is 12. Once they get much older their "wishes and feelings" are taken into consideration more strongly - and of course sometimes they just say what Mum tells them to say.

What were your thoughts on when/how often to see the kids? Are you able to see them easily now? Is there much distance between where you and the ex live?
 
Thanks so much for the advice. Can I refuse the financial consent order then? How doe this affect the child arrangements? I be honest with you I don't even know what is a Financial order application she has filed against me. Sorry for all the questions.
 
GazWaz said:
Thanks so much for the advice. Can I refuse the financial consent order then? How doe this affect the child arrangements? I be honest with you I don't even know what is a Financial order application she has filed against me. Sorry for all the questions.
Click to expand...
No, you can't refuse it. She has applied to Court to seek an Order on the parties' finances. You now have a timetable of disclosure to meet. Get represented. The FDR may be vacated if the solicitors can agree directions i.e. that both parties will eventually go to Court with all disclosures available. From receiving Application to Court day was 10 months for me at approx £11k for representation (almost half of that for Barrister pre work and attendance).

Financials have many loop holes and technicalities that only money spent on being repped will allow you the best achievable result. If you DM me your location I may be able to recommend.

Take care, SS.
 
You must log in or register to reply here.
Back
Top