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Divorce and Wife Company Shareholder
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This is mentioned in this article on accountingweb...
http://m.accountingweb.co.uk/anyansw...d-wife-company
You could of course agree an amount of money she is entitled to and she resigns as a director. Would have to be a very amicable divorce for that to have a chance.
There are quite a few threads on divorce so would suggest you try a search to read other people's experience.Last edited by northernladuk; 15 June 2014, 01:06.'CUK forum personality of 2011 - Winner - Yes really!!!! -
She could probably get you under the Phoenix Principle...I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
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If you're still married then presumably she could be entitled to half the assets in the new company regardless. Maybe think about going brolly until the divorce is through, then set up a new company.
I can't see a problem from a phoenix point of view unless you're gaining a tax advantage by closing and then restarting.Comment
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KISS principles
Originally posted by Clare@InTouch View PostMaybe think about going brolly until the divorce is through, then set up a new company.
On the advice of my divorce solicitor I did this and saved myself a world of pain (and a stack of ££) if anecdotes from other contractors that have been down the divorce route are anything to go by. FWIW I found ContractorUmbrella offered a very efficient service.Comment
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Originally posted by Scruff View PostShe could probably get you under the Phoenix Principle...The material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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Try to buy her out quickly and cheaply
EDIT: because remember that the money belong to the company, not to you or herComment
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Tangent Question: is it better to be benched while you get divorced so it looks like you're not earning much/anything?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by d000hg View PostTangent Question: is it better to be benched while you get divorced so it looks like you're not earning much/anything?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Being on the bench and all depressed and upset with no chance of finding work might help her see that a quick full-and-final settlement of her shares vs. some money is the best route forward.
Any money in the company will quickly dwindle without some income, so continue paying yourself a salary.
The shares are IMO worthless unless they can be sold. It's likely you're going to be the only buyer in the market.
No matter how in love I was or how tax efficient it is, I'd never be 50/50 shareholder with a partner again. I was lucky in that my ex signed the shares back to me for some small consideration.Comment
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