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Sharing of wealth in Co-habitation

  • Downhill
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19 Apr 11 #264049 by Downhill
Topic started by Downhill
I have been living with my partner for more than 10 years, and in that time I gave up my own career to help her in her business (the business has been registered in her sole name only as director and shareholder). To help build the business up I drew no salary whatsover from the business and worked 50-60 hours per week, and made the business a sucess because of my business skills and hard work, my partner also worked in the business on a part time basis. We lived as a unit with our child. After two years I began to draw a salary of around £1000 per month, (my open market rate was about £8,000 per month- this is what I had been earning before I gave up my career to help my partner in her failing business).

I earned about £1000 per month and developed the business, to the extent that the business was generating millions of pounds of profit per year, further I developed the property side of the business to the extent that the business now has about 30 properties all paid for in and around the South east all let to high profile commerical clients. Our agreement at all times was that we were doing this as a couple and that the property was our retirement plan, further I ran the company, the properties and all the administration of a company that whose turnover was £12m per annum, leaving aside the rental income.

I sacraficied my career and my earnings to help her as my 'wife' living off small salary out of which I paid for family holidays etc.

I am not seeking any share in the home which my partner and our child live in, this alone is about £2m, (though I spent hours doing it up, cleaning , building and repairing it) but is there any way I can be compensated for the loss of earnings over the 10 year plus period, or have a share in the rental properties (valued at about £10m). Our understanding and agreement has always been that the trading business and properties are jointly owned by the family, that is my partner, me and our minor child.

I would like advice as to how to I can get a fair share even for the lost wages would be a good start, am I entitled to anything having given up my own career to develop her business (in effect our business working very long hours to get it off the ground and making it a sucess).

My partner is not going to give me anything without a fight.

  • Fiona
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20 Apr 11 #264087 by Fiona
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I'm sorry there is no legal provision to share the wealth of co-habitants. Property and commercial law have to be relied upon. Sometimes it is possible to establish a beneficial interest in a business but you really need to see a solicitor to find out where you stand.

  • hawaythelads
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20 Apr 11 #264090 by hawaythelads
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I'm not sure that any court can award what they think you were worth retrospectively.
You should have made sure that you had a 50/50 business partnership in shares if you played that big a role in the development of the company.
Without a marriage contract you don't have any laws that state you get 50/50 on the assets as you would if you divorced.
On the bright side if your as good as you say you can start your own business and make allm the money againm for yourself.
All the best
Pete

  • ldg
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20 Apr 11 #264092 by ldg
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When we embark on a new relationship we always do so expecting it to work and the last thing we expect is for it to end.

In hindsight of course we should all cover our backs but it is not uppermost in our minds as we work as a team for the good of the family unit.

It is sad that it has ended like this for you and I really hope you can get a fair settlement somehow. As Pete says, you have done it once and you can do it again. You shouldn't have to but you may not have any choice but I do hope you can claw something back.

Good luck

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