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Divorce can bring significant financial challenges, including the division of marital debts. In the UK, determining how to fairly allocate debts between divorcing spouses is an important aspect of the process. This blog will provide you with a comprehensive guide to navigating the division of marital debts in a divorce. Understanding marital debts Marital debts usually include any debts incurred…
Divorce can be an emotionally challenging experience. Nevertheless, one of the most essential parts is dealing with asset division. A Property Settlement Agreement is essential for guaranteeing a fair and mutually agreed-upon property distribution. This legal agreement specifies how marital assets will be distributed, including real estate, money, investments, and personal possessions. Addressing asset division early in the divorce process…
Divorce is a complicated and emotionally draining process that can have far-reaching consequences for all parties involved. The financial aspects of divorce are crucial in the United Kingdom, requiring thorough and precise disclosure of assets & obligations to guarantee a fair settlement. Form E, a comprehensive document that covers each party’s financial status, is a vital component of this process.…
One of the core parts of the divorce process is agreeing on a financial settlement. Especially now, with the introduction of no-fault divorce, it has become more straightforward to get divorced than ever. However, you don’t want to be caught off guard by the future repercussions of a DIY divorce. Securing your financial future should be one of the main…
On the 20th of July 2022, the government announced their plans to change the rules that apply to the transfer of assets between spouses and civil partners who are in the process of separating. The changes will be in effect from the 6th of April 2023. The new Capital Gains Tax (CGT) measure aims to make the process fairer for…
The government has recently published draft legislation and an accompanying policy paper, Capital Gains Tax: Separation and Divorce, proposing changes to the rules relating to the transfer of assets between separating spouses and civil partners. The draft legislation will form part of the Finance Bill 2022-2023 and is due to be implemented with effect from 6/4/2023. The impact of the changes will be…
Cryptocurrencies, such as Bitcoin & Ethereum, have been rapidly becoming mainstream in the last couple of years. We saw a massive boom in their evaluation during the Covid-19 pandemic – with more and more people buying crypto assets. In other words, the more people have cryptocurrency holdings – the higher the likelihood of it being involved in a divorce. So,…
During divorce proceedings, one of the main steps to take is the division of financial assets. This is most often achieved through a financial settlement. Although, there can be complications that lead to financial disputes that need to be settled in court. And one of those complications can be a third party announcing a claim on financial assets that are…
Separating from a partner could have a big impact on your finances, especially if you relied on their income during your relationship. That’s why we’ve prepared some advice on how to handle your money after divorce! Spousal & Child Maintenance The first thing to consider is whether you must pay spousal maintenance or whether you will be receiving spousal maintenance;…
First and foremost, it is very important to deal with pensions during divorce correctly. They can be amongst the most valuable assets in a divorce after the value of the former matrimonial home. Also, it’s important to bear in mind that not only are pensions valuable, but one party in the divorce may have a larger pension pot than the…