Financial and tax advice for individuals going through divorce or separation
When a relationship breaks down, the individuals concerned are in need of straight forward, reliable advice to help them make decisions about their assets and finances. Collaborative law is a new, non-adversarial form of divorce, which puts the control back in the hands of the individuals rather than the courts, allowing them to negotiate their own plan on how to divide assets with the full support of lawyers throughout the process. In addition, other experts are brought in to support the process to ensure that both parties are properly advised and supported emotionally. The aim is to achieve an amicable out-of-court settlement that achieves the best possible outcome for the family and avoids the uncertainty and ill feeling of an imposed solution.
Bracey’s accountants are members of the Collaborative Chambers, a pioneering group of professionals seeking to provide the very best solution for divorcing couples through the collaborative process. Our advice has been used to
- Clearly identify financial pitfalls, enabling couples to make better informed decisions
- Calculate capital gains tax liabilities arising on the transfer of property between separated couples
- Calculate income tax and capital gains tax liabilities on the disposal of assets to raise cash for the process
- Identifying potential inheritance tax liabilities
- Supporting family businesses as they establish new structures following separation.
Getting the right advice early in the process can help to reduce anxiety and aid fairer settlements, which is why we are delighted to be able to provide this support.
These days almost everyone will know someone whose marriage has broken down. The consequences can affect people on many levels and having good support is absolutely crucial. Family businesses can come under particular pressure and the need to hold onto finances to help support two households instead of one means that it becomes ever more important to minimise tax bills. We believe that the Collaborative process is the best way to try to maintain relationships and work through all the factors that have changed as a result of the divorce, meaning that the individuals are better placed to move on with their lives. This will inevitably include financial matters, and that is where we are best placed to help.
“It was reassuring to know that everything had been considered, and our tax liabilities were significantly reduced as a result.”