I am desperate for some advice!

Is there anyone out there who might know the ansers to my questions.

Quick overview;

Together for 20 yrs married 16.
3 kids aged 15, 9 and 5.
Self employed building firm (in joint names as partnership)
4 properties.
1 MH valued recently 285K mortgage 207k interest only.(both still living in it)
3 let properties in my sole name but part of business recently tenants moved out so vacant at the mo, total equity of 3 houses approx. 50k.
Husband frozen business account and opened new account in his sole name.
He gives me £150 per week I don't claim anything and have no other employment (but as far as inland rev are concerned I earn half of business profit).
Sold former MH approx. 2 yrs ago which left 30k it was supposed to go towards reducing mortgage on new MH but he wanted to use for another business venture I took half (15k) and put into my personal account as I didn't agree with proposed venture and he's spent the rest.
He lost on a contract last year and building firm 45k in debt.

Questions:

1. He has offered me 43k by raising the mortgage on MH (thats all he can afford to raise)if I accept and then the business goes bankrupt can they take this?

2. If we divorced and signed clean break form and then business went bankrupt would they still be able to take anything I have?

3. If I resign from partnership will I still be liable after divorce for any debts and can I sign 3 let houses over to him and not be liable for any debts they incur after divorce?

Sorry its a bit jumbled I'm at my wits end! If you need more info just ask.
Please help

Blue x

Hi, i will start from the back and hopefully move forward.

as regards the 3 let houses, you can do a transfer so your name and all responsibilities for the properties will be transfered to you husband. you will not be liable for anything in regard to these.

if you sell your share of the business then you are not liable, if you do a transfer or resign then you could still be liable on any debts that are outstanding at the date of resignation or transfer.
that is of course if it is a ltd company, which i am basing my answers on.

if you got a clean break you would still need to sell your half in the business or you could still be liable

coming to the MH, if it remains in joint names then if anything happens to the business and you are not a ltd co then they can take 1/2 the house.
it would have to be remortgaged in your sole name to prevent any future problems, so there is no point getting the 43k off him unless you are leaving the MH, which if that is the case you will again have to make sure your name is taken off the mortgage.
hope this helps.
kind regards
dawn

Thanks for your reply Dawn

We are not a ltd business, in fact there are 2 business's one is the building firm and the other is the property which we let and they are run side by side, we are joint partners in both but the let property is in my sole name.

Is it possible for my husband to buy my share of the business's to release me from debt liability.

As for the MH I could not afford to stay in it as I would be losing my employed status if I sold my share of business. I was hoping that I would get enough of a settlement to buy a smaller affordable home with low mortgage and start afresh.

I am worried that my husbnd may go bankrupt as he is a high risk taker in business and I no longer have any control so I am thinking maybe better to get out with something rather than hold out for more and maybe end up with nothing.

I just don't know what to do.

Thanks again

Blue x

Hi, yes your husband can buy you out of the business for the a part of the 43k he offered and you can take the rest as your share of equity from the FMH.
as you say he is a high risk taker and going to court to sort this out not only will cost you at least 20k but can take nearly 2 years.
­base­d on the details i would take the money, get a consent order drawn up stipulating the arrangement you have both made and get on with your life.
good luck.
kind regards
dawn