Marital Breakdown
The breakdown of a relationship can be traumatic, so it is understandable that people often overlook the tax consequences. These consequences are long-term, so it is essential to carry out careful tax planning before any financial decisions are made.
We have experience in the tax issues that arise during marital breakdown and divorce settlements. We offer professional taxation advice that helps to avoid any adverse taxation consequences.
Advice on tax issues such as:
• Payments between spouses
• Tax issues regarding property
• Tax issues regarding succession planning
• Issues regarding inheritance tax
We also provide related services, including:
• Wealth management – statement of affairs, planning, budgeting
• Forensic accounting and expert witness services
Complex rules
The rules applicable to informal separation, formal separation and divorce can also be complex. For example these are just some of the issues that need consideration:
• Both spouses may be entitled to the Single Parent's Tax Credit and an increased standard rate cut-off point
• Maintenance payments to children are usually exempt
• Payments to a spouse may have tax consequences, depending on the circumstances
• The transfer of the family home should not give rise to tax problems if due care is taken
• Joint assessment may still be an option, even after formal separation has occurred
We establish your wants and needs. We aim to present information in an easy to understand way, give analysis of the financials of both spouses, and liaise with legal professionals involved.
Related links
Litigation Support And Expert Witness Services
Forensic accounting
