Best option,need advice

michelle2008

You say you have no problems continuing to pay her the dividend - but if she owns 20% of you company is she not entitled to this?

Surely this could and should not be classed as child support - it is simply a return on her investment (unless you are bumping it up considerably?).

Sorry if I have misunderstood - but she should have her dividend income, her income from her work plus child support from you? It seems crazy that she would need income support. Even if you bought back the shares given the size of the dividend they must be worth a considerable amount?

danboy775

i meant pay her the dividend as child support if it was to her benefit.
I cant afford both so if worst comes to worst i would have to wrap up the company if she did not sell me back her shares. Then what?

danboy775

i have also agreed to settle all her debts so she has little or no outgoings

Cally_Smart

Sorry,didnt mean to jump to conclusions,I thought you bought the house after you decided to split to live in yourself.I sincerely hope you dont have to use the CSA and can come to an agreeable conclusion with the pwc.I am a nrpp Just as well to record anything you do financially/legally as things can get quickly out of hand !
All the best, Cally

michelle2008

I am sorry I still don't understand why you think the dividend is child support? Is she legally entitled to it? If this equates to 20% share then your company must be doing well.

If she is legally entitles to the dividend then a court would force you to pay child support on top?

Again I may be missing something here as it doesn't seem to add up.

danboy775

michelle2008 wrote: »

I am sorry I still don't understand why you think the dividend is child support? Is she legally entitled to it? If this equates to 20% share then your company must be doing well.

If she is legally entitles to the dividend then a court would force you to pay child support on top?

Again I may be missing something here as it doesn't seem to add up.

I dont think the dividend is child support, i am well aware it is not however i cant continue paying her a dividend and child support on top as i simply couldnt afford to do this.
I was going to pay her the dividend instead of child support IF it was to her benefit.
I dont have to pay her the dividend as i can buy her out of the business or close the company which i would have to do if it came to it.

danboy775

Cally_Smart wrote: »

Sorry,didnt mean to jump to conclusions,I thought you bought the house after you decided to split to live in yourself.I sincerely hope you dont have to use the CSA and can come to an agreeable conclusion with the pwc.I am a nrpp Just as well to record anything you do financially/legally as things can get quickly out of hand !
All the best, Cally

its fine, i should have been more clear in my initial post.
Yeah i am trying to be reasonable and just want best for all and courts & CSA are not where i want to end up

danboy775

danboy775 wrote: »

I dont think the dividend is child support, i am well aware it is not however i cant continue paying her a dividend and child support on top as i simply couldnt afford to do this.
I was going to pay her the dividend instead of child support IF it was to her benefit.
I dont have to pay her the dividend as i can buy her out of the business or close the company which i would have to do if it came to it.

i also should have said that if i bought back her shares and took her name off the Ltd Co i would have payed her child maintenance in the region of her dividend payments

kingfisherblue

I doubt if your ex would be able to claim income support, as this is restricted to lone parents with a child under five, carers, and a small number of other groups. Your ex is working and your child is 10, so IS is unlikely. Depending on earnings, she might be able to claim JSA, or she might want to consider increasing her hours.

danboy775

i have no idea how the system works as its been so long since i used it, but is there not working tax credits or something like that?