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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 03-21-2006, 02:26 AM
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My legally separated partner and I own and work a limited company together. The house is our business asset. He lives in it and I am in an apartment. We have been apart for over 5 years now and I would like my money out so I can start saving and investing in my future... how can I do this gracefully. I believe if I demand the money our company will collapse . We can't take a mortgage on a company asset... any ideas out there... we are 50/50 in shares right now.
Anita
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Old 03-21-2006, 09:57 AM
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It's great to hear someone else works in the same business with the ex! How's that working for you? Sounds like your questions may be best answered by an accountant, but you are probably not wanting to approach your company's accountant with this right now. You mentioned the house your ex is living in is a business asset. Could you not mortgage it? I have a friend who went through a separation. He has a building that he runs the business out of and living quarters up above. It was mortgaged, but the mortgage was paid down about 50%. He needed to fund his equalization payment to his ex and was able to top up the mortgage on the building and raise part of the funds in that manner. Just a thought!
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Old 03-23-2006, 12:44 AM
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Thankyou Amber... Upon going to the accountant he explained that one cannot take a mortgage out on a limited asset and the house is in the business name. The house being the prime asset of the business.
And then the captital taxes are high 31% with a limited company.
When and if I go to the bank to see about a mortgage on the business (house asset) they will want me to sign... and that is not what I want to do.
Actually I want to sell my shares to someone... as I see that is the only way he can stay there. What do people or married partners do in this circumstance when their hoome is not a matrimonial home but a business asset???
Anita
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Old 03-23-2006, 11:22 AM
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Anita,

Do you have a shareholders agreement in place? Was there provisions made in that agreement as to what happens if a partner wants out?
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Old 03-23-2006, 11:55 AM
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There might be a way to refiance the house. That would have to be looked at. You should talk to a mortgage consultant instead of a bank as their are different types of lenders. I am not saying that it will be a easy. I do not know the full story. I will admit it would be easier if it was refianced into his name. Being a mortgage specialist myself in the Ottawa area, I have seen a couple of cases similar. Some worked and some didn't. I do service Ontario and Quebec. One of the important factors is if the house secures any other debt? Total equity? Try a mortgage specialist. They might be able to help.

Emery
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