Tag Archives: divorce solicitor

National Marriage Week

National Marriage Week

Marriage is a wonderful thing – it’s suggested that a happily married couple live longer! Marriage is said to be a lifelong contract between parties but what happens when things go wrong?

If someone enters into a business contract they have legal advice. That advice looks at both the benefits if it works and what should happen if it fails. Why, then when we are making the biggest commitment of our lives do we not get this advice.

True, some would say it’s unromantic; we’re in love – we don’t need a lawyer; it’s expensive to get legal advice; we’re never going to separate.

Statistics say that 2.8 of 1000 marriages will end in divorce. Divorce can be a costly business both emotionally and financially. When couples are happy together they laugh and say they would look after the other if they split up, but the reality when realising often there is not enough money to start again – particularly when there are children and perhaps one parent has not worked – then the arguments start.

Consider this. I love you enough to consider the worst and to plan for a way forward for us and our family if that were to happen. Yes, there will be a financial cost to both parties, but I can guarantee it will be significantly less than the cost of a messy divorce both financially and emotionally. Indeed, given that most marriage break ups are caused by financial mistrust it could be the very thing to protect your marriage.

If this is a second marriage where a party has assets from a prior marriage, then it’s even more appropriate.

Need advice?  Newnham & Jordan’s family team have over 20 years’ experience in this area. Free initial appointments.

Why not check out the National Marriage Week website.


This article is intended for general information purposes only and  shall not be deemed to be, or constitute legal advice. Newnham &  Jordan Solicitors cannot accept  responsibility for  any loss as a result of acts or omissions taken in  respect of this  article or any external articles it may refer or link to.


 

National Marriage Week
Divorce and Capital Gains

Divorce and Capital Gains

Do you have more than one property?

Are you considering separating?

The timing of separation is crucial.

Why, you ask?

The reason is Capital Gains Tax.

If you own a property that you have not lived in then you are no doubt aware that a sale would trigger what is called “Capital Gains Tax”.  This is a tax payable on the gain or rise in the value of the property since its purchase.   However, are you aware that if you separate and later transfer this property to your spouse (or indeed have it transferred to you) there is a potential liability for Capital Gains Tax on the gain in value?

If you transfer the property within the tax year of separation then you are able to claim the spousal exemption.  For example  Mr and Mrs G own two property, the marital home where they live and 5 Block Street which they have always rented out.   They separate and issue a divorce on the 8 April 2014.   Mr and Mrs G agree that Mrs G will stay in the marital home which will be transferred to her and Mr G will move into 5 Block Street which will be transferred to him.    Provided they transfer 5 Block Street before the 4 April 2015 then no Capital Gains Tax will be payable on this property transfer.

If however Mr and Mrs G had separated in September 2013 and had only just reached agreement on financial settlements in May 2014  then both Mr and Mrs G would have a liability to pay Capital Gains Tax on 5 Block Street upon the transfer of the property to Mr G.

Food for thought?   Are you thinking about separating, do you have more than one property – talk to us now for advice on the best time to separate.

See link below to HMRC Website for divorce and CGT.

http://www.hmrc.gov.uk/cgt/intro/gifts-inherit-divorce.htm#3

Newnham & Jordan can advise you on all divorce and family related legal matters.

 Call us now on 0845 680 7871

This article is intended for general information purposes only and  shall not be deemed to be, or constitute legal advice.  Newnham &   Jordan Solicitors cannot accept  responsibility for   any loss as a result of acts or omissions taken in  respect of this   article or any external articles it may refer or link to.

Parents face charges for Child Maintenance

Latest Government proposals concerning child maintenance include charges to parents who need state help to agree child maintenance payments.

Under government proposals the CSA, part of the Child Maintenance Enforcement Commission, is to be wound down. The process is planned to begin next year. As part of the proposed new system parents will have to show they have taken reasonable steps to try to reach a private agreement with an ex-partner before being able to use the new child maintenance system. If parents were able to reach an agreement, then it seems unlikely they would have approached the CSA, or any subsequent replacement, in the first place.

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