Why Tax Matters…
You need to be able to pay when due and you can’t come to a fair settlement without understanding your liabilities as well as your assets.
So this is not everyone’s favourite subject. But tax is absolutely critical in most divorces.
Not only will you want to establish any existing liabilities you may have as part of the process of giving financial disclosure – for example, income tax if you are self-employed, or CGT if you own capital assets besides the home you live in – but you will also want to be clear about any future liabilities you may incur (e.g. on the disposal of a business interest).
For those with more complex finances, you will also want tax advice on how to best structure your financial settlement, to ensure you are taking advantage of any available reliefs.
We work with accountants all the time at The Divorce Surgery and will be delighted to suggest great people if that is needed.
If you have more questions about this topic or any other legal issues arising on divorce or separation, please do get in touch as we are always happy to help. You can call us on 0203 488 4475 or email [email protected].
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Author Name: The Divorce Surgery
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