Fighting for my business and survival

Can anyone help? I am at the end of my tether and really do not know which way to turn.

I own a small business, and a sole trader. I have 5 staff, 2 of which are family, wife & daughter. We are struggling badly to survive the recession, and I really do not want the business to fail, as it it our only family income.

I have been paying my wife £1500 a month, paying the mortgage, and also covering all the loans and credit card debt. This as you can imagine is quite a considerable drain on the business. And quite a few months I have gone without any wages. During this time my wife has taken extended time off work to visit out daughter who is abroad, this so far has totalled two lots of 3 Months.

She now informs me that she does not wish to work at all, and says that I have a responsibility of care. Which in essence means I carry on paying everything. The part that bothers me is that I will have to employ yet another, and be even harder pressed for cash.

I feel like I am being forced in to bankruptcy, which I really do not want, at 54 it will not be easy to get a job, let alone work again. Can she make such demands on the business and I?

All I have asked from her is that I get 50% of the equity in the house, she can have everything in it. I would also offer her 50% of the business so that she would hopefully have an secure income. She denies all the credit card debt as these were in my name, but she shared the cards linked to my account.

Sorry I rambled on, my head is buzzing, just not sleeping, and feeling like my whole life is coming to an end.

Dazed & confused

Paul.

Hya Drifting..

As far as I`m aware - During divorce EVERYTHING goes in the pot,during negotiations..

If your wife chooses not to work, thats up to her, but I would imagine will not sit well with a judge!

However I hope her refusal goes hand in hand with NO PAY.

As for credit cards she is denying she has ran up! - get the statements, which you will be required to provide in any case & I would imagine its a pattern of non essential items on some! I doubt she will be able to pass all this off as a denial of expenditure...

You dont mention any children living at home under 18!

I would not offer 50% of your business either - THAT is you source of income!

Is there much equity in the property & business?

Angel 1
x

Thank you so much for the reply, sounds like a voice in the distant tunnel.

The house does have equity, about £120,00, but the debts in both the credit/loans/overdraft will near enough eat most of that, circa 90K.

The business is fighting for it's life, not only have I had to deal with being told I am not wanted by my wife, but I have the added pressure of the recession and keeping the firm afloat. The business has about 60K overdraft, which was included in the top amount.

My wife did have a very extravagant lifestyle, and that is my fault, I gave in to her all the time.

I know I need legal advice, but I am that skint and cannot afford it at the moment.

Paul

drifting wrote:

Thank you so much for the reply, sounds like a voice in the distant tunnel.

The house does have equity, about £120,00, but the debts in both the credit/loans/overdraft will near enough eat most of that, circa 90K.

The business is fighting for it's life, not only have I had to deal with being told I am not wanted by my wife, but I have the added pressure of the recession and keeping the firm afloat. The business has about 60K overdraft, which was included in the top amount.

My wife did have a very extravagant lifestyle, and that is my fault, I gave in to her all the time.

I know I need legal advice, but I am that skint and cannot afford it at the moment.

Paul

Hy Paul

Cheer up all is not lost... Its a very tough time for you but you will get through this!

There are peeps on here once they read the info posted regarding the finances, will provide sound advice.

Have either one of you commenced divorce proceeding as of yet?

I would imagine with no children living with you, this might be pretty clean cut as far as dividing assets up, giving both your retrospective ages, you both need finance to provide for your futures / retirement etc...

The value of the house, business, pensions, savings. financial liabilities will all be taken into consideration.

Like I said before, I doubt the fact your wife has chosen not to work will not sit well & may also be viewed she could have caused you additional damage to your struggling business in doing so!

Theres quite a bit to consider & you will get sound advice off the people who have far more experience than I in this field, - you could also see a sol, some give teh first half hour free.... its worth trying my friend.

Angel 1
x

Thank you.

Yes, I do need further advice, I am just trying to save as much as I can at the moment. It just seems all so one sided, I face financial ruin, and she can walk off.

Paul.

drifting wrote:

Thank you.

Yes, I do need further advice, I am just trying to save as much as I can at the moment. It just seems all so one sided, I face financial ruin, and she can walk off.

Paul.

Hya

It seems all so one sided cause your letting it! - your believing everything she says! She aint a solicitor!

Your feeling extremley vunerable right now & from what I can gather you say you "gave in" to your wife all the time!

This is why she continues to manipulate you - CAUSE YOU LET HER ......

I highly doubt she will walk away with everthing, The law takes many factors into consideration when dealing with asset dividing.

Length of marriage
Ages
Children (under 18)
Finances as i prev mentioned..

Its would be a far diff scenario if perhaps the following..

You had children say 9 & 12 or something!
She didnt work because she stayed at home & took care of the children!

The law will consider the financial provision of the wife & children in that case..

It sounds as if you are both self sufficient - no under 18`s living with you! so neither should be awarded anymore than the other!

When you get pro advice you will see what I am trying to say.

You need to put yourself in a strong mindset with her as of finishing reading this post!

It sounds like she is jumping on the bandwagon of along with many others of "lets clean my husband out"

Do not listen to any advice other than professional before you make assumptions that she can ruin you & just walk off..

Cheer up

Hi Paul.
Sorry you are having such a hard time hun.
It is horrible at the beginning & it seems like a brick wall has hit you in the face.
Have a look at the free tools icon at the top of the screen - it has a calculator to give a very rough guide financially.

In divorce all assets & finances (good & bad) go into the 'pot' to be considered.
It is automatically 50/50 & you both negotiate from there.

Cancel her cards immediately and if she is no longer working for the business, cut off her access to any funds from it.

She should shoulder some of the debt if she was using it to fund her lifestyle, but morally & reality are often 2 different things, sadly.
If all your children are grown & she is fit & able to work, then she can survive without relying on you - Don't be a pushover for a quiet life.

My ex ran up huge unsecured debts as a sole trader, All without my knowledge. This was all done to try & keep it going when it was glaringly obvious it was time to call it a day.
By the time I discovered it all, a charge had been put on the property & it no longer felt like home.

We took a mortgage break & in the meantime divorced, both moved into rented & sold the property before the mortgage break ended.

I only took 30% of the equity & left him the rest so we were stress & debt free & I had my sanity.