Whether a separation or relationship breakdown is intended to be short-term or a gateway to divorce; it‘s important to consider whether your will needs updating or even if it’s time you prepared one in the first place. While the reality is this is the last thing on your mind, it is worth making your will review a priority. A Separation While you remain married any references of gifts to a spouse will remain valid, whether that is your current intention or not, regardless of how long you … [Read more...]
Who gets to keep the household items upon divorce?
The high-profile contentious divorce of Kevin Costner and Christine Baumgartner has highlighted the issues that dividing the contents of the matrimonial home can cause. Reports state that a Superior Court Judge in California has blocked Christine from removing certain items from the family home and she has been penalised for only producing a ‘vague and ambiguous’ list of items that she had hoped to keep. Will the Court decide for us in the UK? Generally, it is the opinion of the Court that … [Read more...]
Recent changes to Capital Gains Tax and the impact on divorcing couples
The 6th of April 2023 saw some changes made to the Capital Gains Tax (CGT) rules that apply to divorcing couples and the transfer/sale of assets. CGT is a tax that is payable by an individual when profit is made on the sale, disposal or transfer of an asset, i.e. the asset is sold for more than the price paid at the time the asset was purchased. Tax is payable on the value of the profit and not the total amount received for the asset. Prior to 6th April 2023, divorcing couples … [Read more...]
Am I able to take my child abroad during the school holidays without my ex-partner’s consent?
The only instance where this is possible is if there is a Child Arrangements Order in place which provides that the child is to live with you. In this case, you are able to take the child abroad for a period of up to 28 days without the need to obtain any further consent. If not, you are unable to travel abroad with your child without obtaining consent from each individual who has parental responsibility for the child. What is parental responsibility? Parental responsibility is … [Read more...]
The Case for Barbie and Ken: The Importance of a Prenuptial Agreement
In a world where fairy tales often culminate in "happily ever after," it's easy to overlook the practicalities of real-life relationships. However, even the most iconic couple, Barbie and Ken, might benefit from a dose of reality before tying the knot. While love and romance are essential, it is equally important to consider the financial implications of marriage. A prenuptial agreement can provide valuable protection and serve as a symbol of trust and transparency between partners. In this … [Read more...]
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