Wife entitled to 85% in split - correct?

chipsdog

Susan_Frost wrote: »

I would very much doubt the settlements would be in the ratios stated.

It could be the guy is trying to make out to your friend that he will not have much to bring to their relationship, when really he has. Could be deliberately telling porkies, in which case she needs to beware.

Also, his wife is a 50% director. She owns 50%. She has also been paid an allowance out of the company, so legally, he cannot have it both ways. Even if her allowance was some sort of tax ploy, he cant change it now.

Who says she has never worked? Him? Apart from the home and the child, does your friend really know the ins and outs of how the business has functioned. Why has he needed her signature if he is the successful business man and she is the stay at home mum ?

I think your friend has only known him for a year, and needs to be very careful. He may be making excuses not to get divorced as he may not be too committed to your friend and it is a good reason not to get too involved. Or he may ask your friend to "put up" some finances. Or he may be telling the absolute truth, and this is how it will be, but in that case there is more to it than meets the eye - his wife may have brought finances into the equation by other means.

It is only a year into the relationship, but I am assuming they are 40ish?

Has you friend got assets of her own? House? Good job?

Does your friend know people who know her boyfriend and ex and his history?

I just think she should not believe everything, and be careful for the moment.

MMMMmmmmmmmm

You are correct he is nearly 40, she has her own home and part time shop, she doesn't know his ex.

I cannot believe that the ex-wife would be entitled to 85%, my friend is going to get the boyfriend to get a second opinion and offer to go with him to the Solicitors.

Many thanks for all your replies, will let you know what the 2nd Solicitor has to say.

paddy's_mum

.. and I'd bet my last shilling that if that second consultation is ever arranged, when your friend offers to go with him to the new solicitor, her boyfriend will say something like "oh, no need to lose a day's pay and have all that bother - I'll manage by myself ..." or "it's too complicated for you to bother your sweet little head about .."

Someone needs to point out the bald facts to your friend, such as that he already has two failed relationships that took/will take large amounts of money to resolve. Perhaps Mrs 85% had a clear-sighted father or family trustee who made darned sure that her assets and all she owned were well protected. (I'm in total agreement with Susan Frost but a pc glitch won't currently allow me to thank her post.)

I'm sorry for your friend's predicament but my alarm bells are ringing loud and clear. Methinks your friend may be looking at him through of haze of cloudy romantic pink. Perhaps her wisest move would be to have a chat with someone well acquainted with the estranged wife ...

celyn90

chipsdog wrote: »

The Solicitor has said that has she has supported him for their married life, joint signature for the loans she will be entitled to 85% of the business and 90% of the properties.

Is this correct? anyone else experienced this?

Have I got the wrong end of the stick here then? I read this as her being the one finacially supporting him and he took out loans with her to buy out the other partner. Who owned it to start with (not that this normally makes much difference, but they would assest relative contribution to the assets surely)?

vaio

celyn90 wrote: »

.......Does he actually want to get divorced? Sounds to me like he's making excuses not to go through with it, but then I'm a cynical person.

But just because you are a cynic doesn’t mean you are wrong.....

chipsdog

It was his business, he has only been married once, the loan to buy out a Partner was his Business Partner - sorry didn't make that clear.

I think she must have jointly signed the documents using the house as security.

I still think she is only entitled to 50% of the business and the house

claireac

chipsdog wrote: »

I still think she is only entitled to 50% of the business and the house

But you won't be the one making that decision, and we really don't know the full financial details.

As has already been stated, the starting point is 50/50 and then it's all down to negotiation. The son may be 18 but if he's still in education, then this will be taken into account. Having been through this, it's not pleasant and not easy.

As for your friend, I'd be advising her to be very careful................

Pee

If he takes her along to see the Solicitor, great, then she will understand what is going on - and it's not the end of the world if actually he doesn't want her there. I wuld have thought a divorce is better off conducted without the involvement of the new girlfriend.

Your friend should consider the possibilities here, one of which is that he is lying to her, and proceed with caution.

socrates

chipsdog wrote: »

It was his business, he has only been married once, the loan to buy out a Partner was his Business Partner - sorry didn't make that clear.

I think she must have jointly signed the documents using the house as security.

I still think she is only entitled to 50% of the business and the house

Are you - your friend?

chipsdog

socrates wrote: »

Are you - your friend?

I can honestly say with hand on heart I am not the friend! I was thinking that is waht everyone must think!

Thank you for all your comments, I have shown my friend where to read them all and hopefully she will take some ideas/hope from your comments.

Visiting another solicitor is on the back burner for a couple of weeks because he has gone on holiday today.

puddy

predictably....