[Misc] Split-up advice needed

[marlowe]

You can’t just withdraw money from a business account without some sort of declaration of a director’s loan, which would ultimately be reconciled with a dividend that would be taxable. Alternatively, if she was an ‘employee’ of the company, there’d be PAYE payable. There seems to be more to this than meets the eye.

It might not be a limited company in which case no directors loans are involved.

 

[A mex eyecan]

You can’t just withdraw money from a business account without some sort of declaration of a director’s loan, which would ultimately be reconciled with a dividend that would be taxable. Alternatively, if she was an ‘employee’ of the company, there’d be PAYE payable. There seems to be more to this than meets the eye.

sounds as if this could get very messy.

as you say no one can just take money out of any company, it’s not theirs to take, it belongs to the company.
taking money out has to be declared in what ever manner it’s been taken, wages, loan, dividends etc and all will have a taxable liability, along with Ni’s to be paid by the the company and employee if it’s wages.

 

[Live by the sea]

Has he been paying towards the mortgage and stuff like that from any of his personal accounts? I’m not an expert, but advice I’ve taken in the past when cohabitating has been that anyone paying towards a mortgage (outside of a formal rental agreement) is entitled to an appropriate portion of the equity gained during the time the contributions were being made.

2nd best piece of advice I’ll give today would be to contact a solicitor for a free initial 30 min consultation where they can give you a properly informed opinion of your friend’s options.

Best piece of advice is that no matter how much you’re in love, never trust anyone you get into a relationship with to the extent that you hand over your financial independence to them. And don’t get married; it’s a pointless legal document.

I would take a slightly different view and suggest that marriage actually makes things a lot easier to divide up if you unfortunately do split up / divorced .

It seems a lot of the problems are when people have a partner but don’t actually bother to commit to a marriage . If more people were actually married I suspect it would be better all round especially for the children involved .

 

[Lenny Rider]

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[moggy]

It might not be a limited company in which case no directors loans are involved.

Yes he’s a sole trader

 

[Seagull58]

Yes he’s a sole trader

I hope she has been taking the money by EFT and not by cash withdrawal, so that there is a record of all the money he was earning that she was moving into her account.

 

[nwgull]

Yes he’s a sole trader

Sorry, I didn’t think of that!! I think that the money effectively counts as his cash then as he’ll have paid all the appropriate self-employment taxes. He should be in a decent position to claim his rightful equity on the property.

 

[Weststander]

Yes he’s a sole trader

In reality when the relationship was fine, was she drawing the money for the household/family/living with his consent?

With him more than happy with that arrangement, so he could concentrate on business and working?

Usually in my experience one person in a couple handles the finances, the other glad to not have to worry.

[The opposite to a theme in posts here, of her raiding his money].

 

[sydney]

****ing **** of a thing.

 

[NooBHA]

On the face of it they appear to be a couple and that ultimately a court would probably split assets and debts 50/50. As said above, a free 30 minutes with a solicitor. A lot of people spout a lot of bluster that they are going to get this and that, typical narcissistic tendencies. At the end of the day it needs to go to arbitration for an agreement and failing that to court to settle.

I wouldn't bank on getting 50/50 especially if she didn't work during their relationship.

She could get 100% of the main home plus a percentage of future earnings. Just ask people like former Footballers Tony Adams an Ray Parlour. They were really famous cases where wives went after future earnings and won simply because a Judge ruled that they had given up Career's to bring up their family.

 

[MTSeagulls]

You can’t just withdraw money from a business account without some sort of declaration of a director’s loan, which would ultimately be reconciled with a dividend that would be taxable. Alternatively, if she was an ‘employee’ of the company, there’d be PAYE payable. There seems to be more to this than meets the eye.

Ignore - too slow

It could be a sole trader/partnership business as opposed to Limited Company and as such you can just withdraw funds at will.

 

[Arthritic Toe]

Watch out for these free consultations with a solicitor though - I had one and it cost me about £450.
The half hour in the office might be free, but the follow up letter and the alleged work that went into it is very much chargeable. Don't sign anything during the 'free' consultation.
While you are sat there with them going through the list of assets, they are basically calculating how much they can extract from the process. They will maximise their return by creating conflict in areas that you havent even thought of.

Stick with citizens advice and online research.

 

[nwgull]

I wouldn't bank on getting 50/50 especially if she didn't work during their relationship.

She could get 100% of the main home plus a percentage of future earnings. Just ask people like former Footballers Tony Adams an Ray Parlour. They were really famous cases where wives went after future earnings and won simply because a Judge ruled that they had given up Career's to bring up their family.

Not if they weren’t married she can’t.

The fact that he contributed to the mortgage, even if his name wasn’t on it, counts. This should entitle him to something.

 

[moggy]

Not if they weren’t married she can’t.

The fact that he contributed to the mortgage, even if his name wasn’t on it, counts. This should entitle him to something.

Yes, they weren’t married, together for 17 years

 

[dejavuatbtn]

I wouldn't bank on getting 50/50 especially if she didn't work during their relationship.

She could get 100% of the main home plus a percentage of future earnings. Just ask people like former Footballers Tony Adams an Ray Parlour. They were really famous cases where wives went after future earnings and won simply because a Judge ruled that they had given up Career's to bring up their family.

Exceptional cases.
In the real world of ordinary Joes and Josephines it normally ends up with a 50/50 split of assets and some form of regular maintenance depending on how time with kids is split. “Could” is possible but unlikely. Usually arbitration, that the court would require before making any order, settles things to an agreement. If no agreement then the court will decide who is being unreasonable during arbitration and make an appropriate order.

 

[Pretty pink fairy]

This is for a friend……….no, really
So my friend is about 55ish and was living with his partner for 17years.
They split up and he’s moved out and living in their motor-home (still on finance)
He was black listed for many years and his only accounts was his business account and post office account.
All his savings @100k was in her account which she won’t give him any.
The big Audi and the motor home is in her name even though he’s been paying the finance on them.
Now she’s taken legal advice to reclaim the motorhome which will render him homeless even though he’s the one paying for it.
She won’t allow him access to the house so he can get his tools and belongings.
Is there anything he can do?

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Regards
DF

 

[Dumseagull]

From what I’ve experienced it’s this simple, look down, do you have a penis? If yes, you are a commodity and your life means nothing, hand it over to the woman and walk away. Regardless of circumstances


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