Child maintenance with dividends :/
I'm a recently divorced dad with 2 sons (13 and 15). I run a company with my ex as Co director which will become mine once the family home is sold.
My problem is the ex has in the last year been extracting dividend payments for my sons (as minor share holders, which previously was in place to save tax, £15k a year per child). She has been moving the money into their accounts but only she has control of the accounts! She's had holidays etc using the money but denying me any use of it.
She is still extracting money monthly even now! I've consulted my solicitor but it seems there not much we can do!!! The CMS haven't got a clue and recommended citizens advice!
Just wondered if anyone could help me? I'm broke, the business is losing money every month and I feel so low right now.
Any guidance would be a great help.
Hi, and welcome.
To be honest, I think with something as complex as this, your solicitor and accountant are the best people to deal with this, simply because if you get it wrong, there could be serious consequences with tax, creditors etc. I would think that there should be ways to stop money being taken out of the business if it's losing money, but again, your accountant is probably the best person to advise you on that.
sorry to hear this. you may want to think about having discussions with your ex about future of the company, like buying her out and she leaves company or you take a certain amount and leave the company. or perhaps you can have it closed down and you open new company as sole director? as act suggested above, would be good idea to talk to solicitor/accountant about your options.
@actd thanks for reply, yeah it's an odd one. I'll contact accountant. Thanks again 🙂