How to fairly Split assets?

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singingmarie
singingmarie Posts: 7 Forumite
in Marriage, relationships & families
Good evening,

I hope this is the right thread to post this to...
Ok, so my ex and I split in December last year.
We own a pub (where he lives and works now), we both own 30% each and a silent partner owns 40% of the building (massively mortgaged).
(I currently rent, and he does not contribute...he has no money, I actually know that for a fact and am not pushing for any).
My ex is now the only director on the actual trading business, but the three of us have the mortgage.

We were there for 8 years, have only owned for 2.5 years.
We had originally thought he would sell in the next year, but is now talking of keeping it for another 5-10.
If he were to build it up into a squilluon pound empire, it wouldn’t be fair for me to take 30%.
I am however completely entitled to have my 30% share of what the place is worth now?
Should we negotiate a cap at the current valuation and I receive that?

There are children involved and I’d like to do this as fairly and argument free as possible!
Answers and opinions welcomed!

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  • theoretica
    theoretica Posts: 12,306 Forumite
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    What is the arrangement with the silent partner who owns 40%?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • antrobus
    antrobus Posts: 17,386 Forumite
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    If he is the only director and has no money, and you know that for a fact, it doesn't sound like the business is all that profitable.

    What do you think it's worth?
  • singingmarie
    singingmarie Posts: 7 Forumite
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    Advised to put on the market at £700K.
  • singingmarie
    singingmarie Posts: 7 Forumite
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    The partner will take their share at point of sale, and is also paid a monthly interest.
  • jackieblack
    jackieblack Posts: 10,316 Forumite
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    singingmarie wrote: »
    Advised to put on the market at £700K.

    How much equity after repaying the mortgage?
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  • TBagpuss
    TBagpuss Posts: 11,203 Forumite
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    Capping at your current interest would mean that you'd lose out if property values rise.

    One way to do it would be for you to be entitled to your 30% If your ex managed to buildup the business he should be ale to then buy you out, or alternatively, the business can start to pay him a salary for his work
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • MalcolmY
    MalcolmY Posts: 30 Forumite
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    singingmarie wrote: »
    We own a pub (where he lives and works now), we both own 30% each and a silent partner owns 40% of the building (massively mortgaged).
    The business and the property are two different things!

    If you have a limited company then what is the share split in the company? Your 30-30-40 split seems to refer to the ownership of the building, not shares in the business.

    Is there a shareholder agreement in place?
    singingmarie wrote: »
    We had originally thought he would sell in the next year
    Sell what? The business or the property?
    singingmarie wrote: »
    Advised to put on the market at £700K.
    Advised by whom? If it was a commercial real estate broker throw that valuation away and get an independent one done.
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