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What is my wife entitled to ?

Posted by: Depressed !
06/02/07 at 2:45 pm

My wife has said she is going to divorce me, although she has said it before, and nothing has happened yet.  I have told her that as i cannot stop her if that is what she wants then whilst it would be a big mistake for us, but my question is.

We have been married 10 years, have children 7, 6 & 2 and live in a nice house and I own some buy to let property, with my business partner ( we are joint owners in our names, not a company) some of which has significant equity.  I also have a limited company business which has been established 18 years.  My earnings are about £33000.00 gross including buy to let income.

What is my wife entitled to? can I be  forced to sell  my half share in the properties ? and if I was most of the profit would be taken in capital gains tax, so I would be left with very little, any comments or suggestions appreciated .

Thank  you

There are currently 4 replies.

Re: What is my wife entitled to ?

Posted by: James Stewart, partner, Manches LLP
08/02/07 at 9:18 am

Each case has its own particular facts and circumstances, so I'm afraqid that there is no easy answer to your question. What is clear is that you do need expert legal advice from an accredited family lawyer, you should ask to speak to someone who has an expertise in the financial side of relationship breakdown. 

I broad terms equal division of capital is the starting point. Contingent liabilities such as CGT will be very relevant as will the whole question of liquidity.

 

 

Once an equal division of capital is posited, the following questions can guide the court to the appropriate outcome:-

What are the parties’ respective needs (both current and future)?

Can they be met from their half shares of the capital? (If so, that will be the end of it  ).

If not, what further adjustment in the capital shares is possible in order to ensure that their needs are met?

If there is no capital adjustment possible to meet those needs, can one party afford to make periodical payments to the other to enable her needs to be met?

To summarise: There is no entitlement to a share of future income per se. Marriage is, these days, analysed as a partnership which either party is free to terminate. On termination each is entitled to a share of the assets accumulated during the marriage (not, usually, including inherited assets).  Their respective needs (including any need for compensation) must be met is at all possible.

Re: What is my wife entitled to ?

Posted by: alva tome
01/06/08 at 8:35 am

Hi

You have done a good question, it’s really interesting. If you get any good reply, so please let me know. So I’ll also get some good idea.

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Re: What is my wife entitled to ?

Posted by: dhec
10/07/08 at 6:34 pm

there's a risk that they might force you to sell, its better to get some legal advice as your situation isn't straight forward.

Re: What is my wife entitled to ?

Posted by: alfred
03/02/13 at 10:00 pm

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California Divorce Laws