Divorce is becoming increasingly common and what many people do not realise is that as well as requiring the services of a family lawyer, the value added by your tax advisor/accountant can be substantial which in turn can have a significant impact on the financial settlement.
There are a number of issues to consider when contemplating divorce. When it comes to finances and divorce, these should be considered as early as possible to ensure the best possible outcome.
We will take a holistic approach and work collaboratively with other departments such as the Forensics Team within the firm ensuring advice is well rounded and practical.
Our practical yet empathetic approach will reassure you that matters will be dealt with in the best possible manner.
We understand that for many this can be a very difficult process and we aim to support and guide you so that you come out more informed and better placed in your financial affairs.
Divorce and separation services:
- The timing of events including separation, disposals of assets, filing obligations.
- Review the capital gains tax position on any potential transfers or disposals of assets, including completion of any filing obligations such as the UK land returns to disclose property disposals. This is especially important as over recent years there have been important changes in respect of the reliefs available on the disposal of the main home which is usually the main asset on divorce.
- Advising on the timing of such transfers/disposals is important and we can also advice on any Stamp Duty Land Tax implications that may arise.
- Assess the requirement to file self-assessment tax returns and complete and submit these to HM Revenue & Customs. This often occurs when there are new income streams such as property rental income, investment portfolios.
- Review of any tax implications on a business on divorce including the availability of Business Asset Disposal Relief (formerly Entrepreneurs’ Relief).
- Work alongside your lawyers and assist to complete Form E (form setting out financial details where full and frank disclosure is required) and preparing questionnaires in response to the other party’s Form E.
- Work alongside our Forensics Team including single joint expert work, business valuations, review if there are any hidden assets.
- Review the position in respect of any Trusts and Offshore matters.
- Assist in advising on the position on pension sharing orders whilst working Menzies Wealth Management.
- Advise on pre and post nuptial agreements whilst working with your lawyers.
It is so important to have the right team and advisors when going through something like a divorce to ensure you come out stronger and more informed. At Menzies, we hope that we can help you overcome this hurdle and become your trusted advisors going forwards.