Separation and divorce:
The process itself
During the process, solicitors will often need to work closely with accountants to ensure an appropriate division of assets and income. This division is referred to as ancillary relief and covers any form of financial arrangement between the spouses. If the parties cannot agree the division, then the Court can impose a division based on the information provided by the parties.
The process of separation and divorce evolves as follows:
- Breakdown of the marriage and permanent separation of the parties
- Divorce proceedings commenced by one or other of the parties
- Decree Nisi granted by the Court
- Decree Absolute granted by the Court.
Whilst the divorce process itself, and each spouse's financial entitlement, are legal matters, there are also tax considerations and the precise timing of the divorce process or particular transactions may well influence the tax position for both parties to the divorce. Tax issues may therefore become a significant influence during the divorce process.
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Where next?
Within Separation and divorce…
- Ancillary relief
- The tax effects of separation and divorce
- The family home
- Trusts
- Wills and inheritance tax planning
- Pensions
- Funding the settlement
- Investing the settlement
General…
