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Setting up new company during divorce
Mr_Frugal
Posts: 265 Forumite
I am currently setting up a new company with a business partner that has just started divorce proceedings with his wife.
I have every belief that the company is going to be a flyer and be very financially successful but also anticipate my business partners divorce to be complicated & possibly quite bitter.
Does anyone know how we/I would stand with this in terms of his divorce.
Ie:-
* Can she claim half of his 50% of company (albeit at the moment worthless) ?
* Can she wait several years till the company is successful and then force the sale of the company in order to realise share capital ?
* Can she at ANY stage force the sale of the company ?
* Basically can she affect my 50% of the company in ANY way or would it be as simple as my partner having to give her a 25% stake in company (ie 50% of his 50%) ?
(The company is a Limited company that has already been registered with Companies House but has not started trading yet. We have initially set the company up with a 50/50 shareholding between my business partner and myself).
Would appreciate any help/views especially from anyone that has experience of a similar occurrence or someone with legal knowledge.
Thanks in anticipation,
Mr_F.
I have every belief that the company is going to be a flyer and be very financially successful but also anticipate my business partners divorce to be complicated & possibly quite bitter.
Does anyone know how we/I would stand with this in terms of his divorce.
Ie:-
* Can she claim half of his 50% of company (albeit at the moment worthless) ?
* Can she wait several years till the company is successful and then force the sale of the company in order to realise share capital ?
* Can she at ANY stage force the sale of the company ?
* Basically can she affect my 50% of the company in ANY way or would it be as simple as my partner having to give her a 25% stake in company (ie 50% of his 50%) ?
(The company is a Limited company that has already been registered with Companies House but has not started trading yet. We have initially set the company up with a 50/50 shareholding between my business partner and myself).
Would appreciate any help/views especially from anyone that has experience of a similar occurrence or someone with legal knowledge.
Thanks in anticipation,
Mr_F.
0
Comments
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I'm no expert, however my guess is that they are assets to him, therefore she can claim for them - either for a cut of the shares, or for an amount of money based on future earnings (which would be a bit difficult as the company hasn't started trading properly yet
) 0 -
Has anyone got any experience of anything similar or anyone offer a legal opinion ?0
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If it is a limited company then it is a seperate legal entity to those who set it up. Her only claim would be against her now ex-husband and anything that he ownes/ earns. I am not a family law expert by any stretch of the imagination but she cannot directly force anything in terms of selling shares/ the company etc but of cause if she is awarded maintanance then this may be the only way that her ex-husband can afford to pay the bills.All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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