Breakups & Divorce Support Group
Just broke up with someone or in the midst of a difficult divorce? Breaking up is difficult no matter what the circumstances are. They say that time heals all wounds, but sometimes a listening ear or a hug can work wonders for the heart. Whether you need a place to vent, someone to hold you to No Contact, or need advice about what to do, we're here to help.
My husband and i have been divorced officially since Feb of this year after 20 years marriage. We have not yet reached a financial settlement and it is going on and on with no resolution.
I am wondering if there is anyone out there who may have some genuine legal advice to help me.
We have a significant asset pool, but since our separation, my ex has taken out approx $4 million more in loans for other properties in the company name of which i am still a shareholder. Not a director, but a shareholder. I have, in writing, for both he and his solicitor, that i did not agree to these further purchases, but he went ahead anyway.
The upshot of all this is that at the moment, with the economic downturn, we have the additional $4 million worth of debt, but the equity in what we have has remained the same.
My solicitor tells me I can claim the losses, but his tells him I cannot. Anyone any idea of who is right here?
Also, my ex is trying to pay me off over a period of 5 - 10 years. He says he cannot get my payment up front as he has borrowed his max and I am quite sure this is true. Does anyone actually accept payment over years like that or is he just pushing my buttons trying to get out of it the easiest possible way? I worry taking an unsecured loan from him for if he goes bankrupt, so do i??
Any thoughts??
I am wondering if there is anyone out there who may have some genuine legal advice to help me.
We have a significant asset pool, but since our separation, my ex has taken out approx $4 million more in loans for other properties in the company name of which i am still a shareholder. Not a director, but a shareholder. I have, in writing, for both he and his solicitor, that i did not agree to these further purchases, but he went ahead anyway.
The upshot of all this is that at the moment, with the economic downturn, we have the additional $4 million worth of debt, but the equity in what we have has remained the same.
My solicitor tells me I can claim the losses, but his tells him I cannot. Anyone any idea of who is right here?
Also, my ex is trying to pay me off over a period of 5 - 10 years. He says he cannot get my payment up front as he has borrowed his max and I am quite sure this is true. Does anyone actually accept payment over years like that or is he just pushing my buttons trying to get out of it the easiest possible way? I worry taking an unsecured loan from him for if he goes bankrupt, so do i??
Any thoughts??
My ex told me that heaps of people get their payouts for divorce over time.... is that familiar to anyone??
lawyers, financial advisers a must in both situations.
best of luck to you.
Get advise, tax lawyers, financial advisers, get the information from people that know for sure, not from the disgruntled stbx.... educate yourself with as much info as possible, be ready for the bull shit.
I would also suggest you get on the Divorce After 20 Years group. Lots of people on there whose spouses owned businesses. They may be able to offer more insight.
I did join the Divorce after 20 years group too, thanks.
Would it be at all possible to take your share as some of the assets instead of having him repay you in cash? Since you have roughly 15 years before retirement, you may have at least some time to get the money back as the economy recovers ...
I also would think try to get out of this company as quickly as possible, but depends on tax implications in your country.
Could you try mediation in your country as a way to get before a third party without the costs associated with trial?
You may also want to have SEVERAL consultations with accountants and lawyers regarding how to handle this -- people with experience with business owners with significant assets.
Just a thought.
He deliberately set up our investment company with me left out as director as he wanted to make the decisions himself, for he knows me to be more conservative.
He pushes and pushes and pushes, trying to get me to agree to his terms, making me feel guilty for sticking to my guns and asking for the amount I am asking for. I am trying to work only through my legal channels, but thats not always possible, and you do still try to hope to see good in some one you have lived with for 24 years.... so i keep giving him the benefit of the doubt hoping he will see things my way..... thats what i have to stop doing!