Reply to: Contractor Ltd Co and divorce

[MaryPoppins]

I was told that it would be based on annual income as per income tax return - can't remember where I found that out.

Yes. I was of the understanding [although this is going back 4 yrs] that the CSA calculation is something like 15% of the full income of all types, i.e. salary & dividends as per your accounts. In reality this adidn't appear to be the case; only salary was taken into account in my case, despite the variation requested.

I don't think they're allowed to take things like Directors Loans into account.

I hope things start to feel easier for you soon.

[BrilloPad]

I was told that it would be based on annual income as per income tax return - can't remember where I found that out.

That is good as you can keep money in your limited company.

[MPwannadecentincome]

...Just out of interest does anyone know for sure the rules around what the CSA uses for the income. I was under the impression its gross income now rather than net, and I'd assume gross profit ...but does that mean profit after all expenses, and is it before or after corporation tax.

Also a little worrying that there is no provision made for gaps between contracts, with that in mind is there a legitimate expensable means for providing protection between contracts ?

I was told that it would be based on annual income as per income tax return - can't remember where I found that out.

[BrilloPad]

Brillo - surely a move from 50/50 in favour of the STBX can be used to 'buyout' Spousal Maint and achieve the clean-break?

Not sure if thats the norm, but thats how my divorce went (although more like 80/20!!), so I pay my (well over the CSA calculator figure) CM each month for my kids and SFA for the ex.

I prefer BFH to STBX.

Every case is different. Personally mine was 70/30 and I paid for kids (until I got them full time - 1 day after the settlement was made). I also paid spousal maintenance.

But I never wanted the money - only the kids.

Only one thing is consistent - the family law courts are secret, sexist and very very bad for children.

[Mojito]

move from 50/50 - affect on SM?

Brillo - surely a move from 50/50 in favour of the STBX can be used to 'buyout' Spousal Maint and achieve the clean-break?

Not sure if thats the norm, but thats how my divorce went (although more like 80/20!!), so I pay my (well over the CSA calculator figure) CM each month for my kids and SFA for the ex.

[BrilloPad]

The default is 50/50 now. Kids doesnt matter unless he isnt going to pay child maintenance. Spousal maintenance will only be for a period of time for her to get used to the change in income....normally 6 months. An asset split of 50/50 is a strategy that almost all judges will go for.

First priority is for the kids to be housed. The default always was 50/50.

[iwantone]

Due to the children it is more likely to be a 70/30 split. Plus spousal maintenance. Plus childcare of 25% of takehome. Plus solicitors fees. Plus arm or leg.

The OP will not be thinking about sex for a long while .....

...Just out of interest does anyone know for sure the rules around what the CSA uses for the income. I was under the impression its gross income now rather than net, and I'd assume gross profit ...but does that mean profit after all expenses, and is it before or after corporation tax.

Also a little worrying that there is no provision made for gaps between contracts, with that in mind is there a legitimate expensable means for providing protection between contracts ?

[Underscore Pt2]

Due to the children it is more likely to be a 70/30 split. Plus spousal maintenance. Plus childcare of 25% of takehome. Plus solicitors fees. Plus arm or leg.

The OP will not be thinking about sex for a long while .....

The default is 50/50 now. Kids doesnt matter unless he isnt going to pay child maintenance. Spousal maintenance will only be for a period of time for her to get used to the change in income....normally 6 months. An asset split of 50/50 is a strategy that almost all judges will go for.

[BrilloPad]

You 100% do not want your ex involved in any of you financial affairs moving forward.

Simply put go for a 50/50 split of all current assets. Then agree child care and monthely maintenance (pay what you can honestly afford for the children)

Then join a dating website and s**g as many women as you can!

Due to the children it is more likely to be a 70/30 split. Plus spousal maintenance. Plus childcare of 25% of takehome. Plus solicitors fees. Plus arm or leg.

The OP will not be thinking about sex for a long while .....

[Underscore Pt2]

You 100% do not want your ex involved in any of you financial affairs moving forward.

Simply put go for a 50/50 split of all current assets. Then agree child care and monthely maintenance (pay what you can honestly afford for the children)

Then join a dating website and s**g as many women as you can!

[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.

[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.

[amcdonald]

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

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

[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.

[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.