Divorce & Asset Protection

[jeremytaxman]

Bad enough trying to avoid the taxman ... but how about avoiding the wife should she ever decide to get a divorce...

Whats the best set-up ?

Perhaps a scheme paying a small salary and the rest as dicretionary payments ? Can such discretionary payments be included in an income assessment ? Would the court just ignore everything and look at the contract's day rate ? Would I need to even disclose any details of the contract ?

Any advice particularly experience much appreciated

[ratewhore]

This is my experience:

1 - Fill in Form E and detail salary/dividends as required.
2 - Send 2 years company accounts and also company valuation with Form E as required.
3 - Go to court and get told to provide company bank statements and credit card statements.
4 - Expect to have to justify all transactions, business and personal.

I'm back to court later in the month so I can update you on the judges approach. Where there are no 3rd party interests which can be affected by an order against company assets, the company money is regarded by the court as your personal money. Crap I know, but there it is...

[PerlOfWisdom]

This is my experience:

1 - Fill in Form E and detail salary/dividends as required.
2 - Send 2 years company accounts and also company valuation with Form E as required.
3 - Go to court and get told to provide company bank statements and credit card statements.
4 - Expect to have to justify all transactions, business and personal.

I'm back to court later in the month so I can update you on the judges approach. Where there are no 3rd party interests which can be affected by an order against company assets, the company money is regarded by the court as your personal money. Crap I know, but there it is...

Take 6 months off - after all contracts are hard to come by with all these foreigners coming in.

[jeremytaxman]

This is my experience:

1 - Fill in Form E and detail salary/dividends as required.
2 - Send 2 years company accounts and also company valuation with Form E as required.
3 - Go to court and get told to provide company bank statements and credit card statements.
4 - Expect to have to justify all transactions, business and personal.

I'm back to court later in the month so I can update you on the judges approach. Where there are no 3rd party interests which can be affected by an order against company assets, the company money is regarded by the court as your personal money. Crap I know, but there it is...

If I used an umbrella, which paid salary and discretionary payments - can I get away with only listing the salary ?

Can the courts ask the umbrella or its affiliates to provide information ?

[SandyDown]

Give it up you divorceeeees.. whatever you do, you and your wife share everything 50 - 50, whatever you do she is still entitled to 50% of and whatever she does you are entitled to 50% of what she has... when are you guys going to be smart and marry someone who is capable of making as much money as you do?? I saw many intelligent men getting married to penniless very intellectually challeged girls then few years after they end up as poor as a mouse (this is not streo-typing so no insult to intelligent girls who are not earning enough money) !!

Mind you I know SupremeSpod's wife had loads of money inherited, and he is still asking for advice?? supremo, did you spend all your wife's money and now you want to stop giving her any money??

[Cliphead]

Why do you stupid feckers get married in the first place?

1975 - 1982 The usual teenage romps

1982 - 1992 Groupies

1992 - Bored housewives

Nuff said...

[The Lone Gunman]

You married her pal.

Do you remember your vows, the wedding contract?

No doubt she has supported you and allowed you to get on with earning the money.

She is entitled to half.

[kramer]

Does she get half of the company assets in the future too?

If so do you have to dissolve the company and set a new one up?

[sasguru]

Give it up you divorceeeees.. whatever you do, you and your wife share everything 50 - 50, whatever you do she is still entitled to 50% of and whatever she does you are entitled to 50% of what she has... when are you guys going to be smart and marry someone who is capable of making as much money as you do?? I saw many intelligent men getting married to penniless very intellectually challeged girls then few years after they end up as poor as a mouse (this is not streo-typing so no insult to intelligent girls who are not earning enough money) !!

Mind you I know SupremeSpod's wife had loads of money inherited, and he is still asking for advice?? supremo, did you spend all your wife's money and now you want to stop giving her any money??

It's good advice to have a partner who has a similar earnings capacity to you and is reasonably ambitious herself.

[BrilloPad]

you have no chance

I am divorced and am have experience of hundereds of cases due to my work for fathers 4 justice (you can see my profile on the web site if you want).

Many men I know would pleased to just hand over 50% - many give alot more. If you have children, the family courts give the money to the women - they are softer targets for the family law gravy train.

I now an rarely involved with f4j as I have discovered that 99% of men are complete idiots who get what they deserve.

I get used to not being believed by those who have not been through it. But then I would not believe it myself if I had not seen it.