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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

 

Is it worth chasing someone who runs a 2 man company?

  • starmatrix
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28 Apr 22 #519247 by starmatrix
Topic started by starmatrix
I'm helping someone going through a divorce.
Her husband runs a successful company - it's a 2 man company - it's him and the person he's chosen to leave her for. ?

He has no property in his name 'at this moment in time'. (His elderly father has properties worth millions - that he will get.)

He's got a lavish lifestyle. For example, he's taking his new partner and 3 kids to Dubai on a mega expensive holiday among many other things. His bank statement shows spending of more than £10k a month. (Other bank statements, he hasn't given - yet.)

My worry: 'on paper' he can show he is penniless.
His business might be making £2m a year in profit (just a wild guess) - but 'business' costs (like the need for an expensive sports car on lease), and 'siphoning' money away 'legally' can leave him with zero on paper.

She's left with 2 young kids - that's another matter.

Just wondering if she should continue paying solicitor costs?
He himself, started with a super cheap solicitor... which he has now dumped and is representing himself in all matters.

Would really appreciate views on the above stated.

Thanks.

  • hadenoughnow
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01 May 22 #519253 by hadenoughnow
Reply from hadenoughnow
Full financial disclosure is definitely needed. The income provided via the business is an important consideration. Is it a limited company? Have you looked it up to see what previous years have looked like??

Full business accounts will be required as well as bank statements. He will have to provide 12 months personal bank statements and can be questioned about his spending.

If he is representing himself, she could too but may be wise to look at getting some support. This site has a divorce consultant service that may be helpful.

Hadenoughnow

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