Contractor Ltd Co and divorce

[northernladuk]

I asked accountant and they didn't seem to think it was a problem - or they misunderstood when I said "ex wife" but I have to do my own research of course.

Well his comment about 'not raising eyebrows' says to me he knows it isn't really allowed but a minor figure like that won't bother them so introducing some risk. If it is risk that benefits you and this is the solution you want then go for it. If it isn't you could use S660 as a reason not to go down this route.

Using the LTD to get payments to your non spouse and avoid taxes when doing it normally seems to be the whole point of S660 no? Risk is significantly lower with the split yes but what you want to do seems to be what the legislation was brought in to avoid.

I think you need to be very honest with this situation so she knows the risks as well. If you do get caught and everything is taxed to the eyeballs she is going to want you to top it up. What if she comes after more in the future and the risk increases etc.

[BrilloPad]

What if she comes after more in the future and the risk increases etc.

This is the problem with any sort of maintenance. Its far better if you can get a lump sum settlement. Particularly with large inflation coming up.

[MPwannadecentincome]

Well his comment about 'not raising eyebrows' says to me he knows it isn't really allowed but a minor figure like that won't bother them so introducing some risk. If it is risk that benefits you and this is the solution you want then go for it. If it isn't you could use S660 as a reason not to go down this route.

Using the LTD to get payments to your non spouse and avoid taxes when doing it normally seems to be the whole point of S660 no? Risk is significantly lower with the split yes but what you want to do seems to be what the legislation was brought in to avoid.

I think you need to be very honest with this situation so she knows the risks as well. If you do get caught and everything is taxed to the eyeballs she is going to want you to top it up. What if she comes after more in the future and the risk increases etc.

well put - thanks!

[MPwannadecentincome]

This is the problem with any sort of maintenance. Its far better if you can get a lump sum settlement. Particularly with large inflation coming up.

lump sum would be my preference, somewhat hindered by a lot of credit card debt so solicitor advises me that its highly unlikely to be a "clean break"

[MPwannadecentincome]

Wow! I am not too sure wha to say. I assume you are seeing the kids.

Well sort of - only allowed if "supervised" - don't ask why its a long story and upsetting.

Is there any way of getting things back together? I think you are in a very weak position.

No thanks gave up on that 2 years ago whilst at marriage guidance counselling - yes I know my position is weak.

With a 10% share in your limited, if you went permie again or changed limited company she would have to go back to court. So I think she and her advisors are going to be very reluctant.

As a contractor I can't see how I can ever have "stable" income - she can't go to court everytime I have am benched! The deal is going to have to allow for tolerance on variance. Besides even permie jobs are not safe! Anyway if its "safer" not to give a share I won't do it.

Personally I would seperate your affairs from her. Maybe think about keeping a share in house until kids are 18.

Yes that is a better approach - complete separation of affairs. One thing to be used in negotiation is to keep a share of equity in house until youngest is 18 - I need to let solicitor do the negotiation so I don't have to deal with the "so you are going to throw the kids out of the house when they are 18 are you???"

As soon as all kids are 5 she should be working.

LOL youngest is 6 now - last week STBex was screaming at me - "now you have a job you better bloody give me maintenance you cannot expect a mother of 3 kids to be working and I can't keep going to the Job Center to justify why I haven't found a job!!"

When I got divorced I wanted us split as much as possible. I got house sold and us both moved to cheaper area. She put together no alternative plans so I got my way. Well she said I should live with my mother! The court has a duty to house you both and do a fair split while the kids are looked after.

Scarily similar situation...... House is on the market now, hard decision for her where to move kids to as we both believe keeping kids in same schools would be better and moving to a cheaper area means kids losing out on their education :-(

You might try the "I want a house to have the kids half the week" routine.

Not sure how I will take them to school - no car and how will I work if I do this?

One strategy you can try is just to stop working and dig your heels in. But unless you are not seeing the kids then please don't do that.

Well I am seeing the kids so I won't pursue this - thanks anyway!

I would offer to chat to you by phone - but I find this all very upsetting. And I am becoming a social recluse anyway.

Yes it is upsetting - have been out of the FMH for just a few weeks - complete change of lifestyle but I am getting used to it. Thanks for offer.

I think you do need to get lots more opinion. Have you been to a FNF(families need fathers - though I think they changed their name) meeting? You need to speak to others who have been in this position but not solicitors.

I had tried wikivorce but that wasn't much help - FNF sounds better yes I do need someone to talk to - thanks for the tip and your kind words.

[Podgy]

Well sort of - only allowed if "supervised" - don't ask why its a long story and upsetting.

No thanks gave up on that 2 years ago whilst at marriage guidance counselling - yes I know my position is weak.

As a contractor I can't see how I can ever have "stable" income - she can't go to court everytime I have am benched! The deal is going to have to allow for tolerance on variance. Besides even permie jobs are not safe! Anyway if its "safer" not to give a share I won't do it.

Yes that is a better approach - complete separation of affairs. One thing to be used in negotiation is to keep a share of equity in house until youngest is 18 - I need to let solicitor do the negotiation so I don't have to deal with the "so you are going to throw the kids out of the house when they are 18 are you???"

LOL youngest is 6 now - last week STBex was screaming at me - "now you have a job you better bloody give me maintenance you cannot expect a mother of 3 kids to be working and I can't keep going to the Job Center to justify why I haven't found a job!!"

Scarily similar situation...... House is on the market now, hard decision for her where to move kids to as we both believe keeping kids in same schools would be better and moving to a cheaper area means kids losing out on their education :-(

Not sure how I will take them to school - no car and how will I work if I do this?

Well I am seeing the kids so I won't pursue this - thanks anyway!

Yes it is upsetting - have been out of the FMH for just a few weeks - complete change of lifestyle but I am getting used to it. Thanks for offer.

I had tried wikivorce but that wasn't much help - FNF sounds better yes I do need someone to talk to - thanks for the tip and your kind words.

Giving some of you company away sounds like a recipe for disaster - that seems further away from a clean break.

Get the charge on the house & pay monthly maintenance - seems your at the worst point at the moment in sorting it all but surely its best to keep it simple - in a couple of years the whole situation could be much different with either of you remarried, kids older etc. Just does'nt seem worth it all getting messy to 'potentially' save a few bob - also when emotions are involved clear judgement tends to take a back seat.

[BrilloPad]

Well sort of - only allowed if "supervised" - don't ask why its a long story and upsetting.

No thanks gave up on that 2 years ago whilst at marriage guidance counselling - yes I know my position is weak.

As a contractor I can't see how I can ever have "stable" income - she can't go to court everytime I have am benched! The deal is going to have to allow for tolerance on variance. Besides even permie jobs are not safe! Anyway if its "safer" not to give a share I won't do it.

Yes that is a better approach - complete separation of affairs. One thing to be used in negotiation is to keep a share of equity in house until youngest is 18 - I need to let solicitor do the negotiation so I don't have to deal with the "so you are going to throw the kids out of the house when they are 18 are you???"

LOL youngest is 6 now - last week STBex was screaming at me - "now you have a job you better bloody give me maintenance you cannot expect a mother of 3 kids to be working and I can't keep going to the Job Center to justify why I haven't found a job!!"

Scarily similar situation...... House is on the market now, hard decision for her where to move kids to as we both believe keeping kids in same schools would be better and moving to a cheaper area means kids losing out on their education :-(

Not sure how I will take them to school - no car and how will I work if I do this?

Well I am seeing the kids so I won't pursue this - thanks anyway!

Yes it is upsetting - have been out of the FMH for just a few weeks - complete change of lifestyle but I am getting used to it. Thanks for offer.

I had tried wikivorce but that wasn't much help - FNF sounds better yes I do need someone to talk to - thanks for the tip and your kind words.

f**k - I am on the point of tears. I am still hoping someone will come up with a strategy to get her back to councelling.

Only good parts are that her hard line will count against her. And you are seeing the kids.

[amcdonald]

Not a good situation, but at least you see your kids

It's when your kids get used as weapons you really despair

[castoff101]

Just to point out that whatever arrangement you come to regarding the child maintenance this can be overturned if she goes to the CSA.

Be particularly carefully if you are giving away any capital in lieu of child maintenance.

Hope you get something sorted that works for both of you. Good luck.

[MPwannadecentincome]

Just to point out that whatever arrangement you come to regarding the child maintenance this can be overturned if she goes to the CSA.

Be particularly carefully if you are giving away any capital in lieu of child maintenance.

Hope you get something sorted that works for both of you. Good luck.

No I was not thinking of doing this with child maintenance in fact I have now concluded its not worth doing it at all.