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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…
The beginning of every divorce is different. Just like everything in matrimonial family law and the treatment of finances in divorce. Every case is different and often depends on the individual circumstances of each case. The court will generally have considerations about the size of the inheritance, when it was received, how it has been dealt with during the marriage,…
Spousal maintenance payments (also known as periodical payments) require one spouse to make regular payments (typically monthly) to their former spouse for either a fixed period of time, indefinitely until death or until a certain event in the future (for example, until the recipient remarries or cohabits). When a spousal maintenance order has been made by the court, it is…
It’s impossible to put an exact figure on the costs of divorce proceedings in the UK. As each case is different and turns on its own fact. Although, it is generally accepted that an average divorce runs over £15,000, excluding court fees and property transfer costs once the divorce is concluded. Where do you start to reduce costs during divorce…
We have recently seen a number of high-profile cases in the divorce market where litigation funding (or loans provided to clients to support the funding of their divorce) have been provided by third-party bodies. Such funding provides a client with resources to robustly defend his / her divorce claims, that is clear, but are they relevant and what is the…