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Help with limited company

 
Morningbrew
(@morningbrew)
New Member Registered

My wife and I are separating , we have 3 young children together . She is a physiotherapist and is more than capable of earning a good salary but refuses to work more than 1 day per week . 

I have been running a limited company for over 10 years the av profit is about £40k a year and I take a £50k dividend. I don’t want to be unfair to my ex wife but she is coming for half the company and it’s terrifying me , there is some cash reserve in the business account but we have debt ( some business loans / bounce back Covid loans )

 

I’m genuinely worried about the gas and electric bills in winter ( we are in a big industrial unit ) and will be relying on the reserves of cash . I equally don’t want to give her a 50% sharehold going forwards either . My lawyer advised me that I could give her the house to offset but then I will hand absolutely no equity / cash to get another house and I also need somewhere decent for the 3 kids that I’m hoping to agree on 50/50 . 

Friends have suggested paying off the loans and putting family as directors / shareholders and paying them a dividend to reduce the profit etc but I don’t know if that looks dodgy ?! 

I don’t want to be unfair to my wife as she also needs somewhere to live etc but I also have to think that I do too . 

had anyone been in this situation or got any advice ? 

Thanks 

Quote
Topic starter Posted : 14/08/2022 10:05 pm
Bill337
(@bill337)
Famed Member

hi,

I have no direct experience of this, but would suggest to follow advice from your lawyer and mention any concerns you have or what options are available.  hopefully you can reach a reasonable settlement and can move on in life.

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Posted : 15/08/2022 9:43 pm
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