Joint business mortgage & separation/divorce
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suethedriver
Posts: 146 Forumite
My partner (to be ) currently has a business with a business mortgage in joint names ( it is a small hotel and is a partnership not ltd company) He runs this and works with his wife currently .
The business account pays the mortgage and not personal monies.
He is walking out of the marriage and business in 2 months time .
He is obviously named on the mortgage and therefore liable for it.
Hopefully the hotel can still pay this in full but if it were to be a shortfall he will not have any means of paying his share as will not have a job when he first comes to live with me .
What will happen in this situation ?
She wants to keep the business going until it is sold and it is not in their interests to let it default.
Any advice please .
The business account pays the mortgage and not personal monies.
He is walking out of the marriage and business in 2 months time .
He is obviously named on the mortgage and therefore liable for it.
Hopefully the hotel can still pay this in full but if it were to be a shortfall he will not have any means of paying his share as will not have a job when he first comes to live with me .
What will happen in this situation ?
She wants to keep the business going until it is sold and it is not in their interests to let it default.
Any advice please .
0
Comments
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Only time will tell how this situation will unfold. As the other financial aspects of the marriage will need to be dissolved as well.0
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