Getting a divorce might seem simple and straightforward when you see it in a TV drama, but the reality is often far different. Financial implications are one of the biggest headaches when it comes to divorce and as the government constantly change the rules on pensions and taxation, those headaches can quickly get a lot worse.
If you need advice and guidance on dealing with your own financial issues in the event of a divorce you can always contact us. In the meantime, here are our top tips on asset sharing following a divorce.
Calculate the value of assets
Calculating a value of your net assets and that of your partner is a good place to start. Coming up with a realistic value of those assets will mean there is a better chance of assets being divided fairly between divorcing couples.
Watch out for potential tax implications
It is important to find out how a divorce settlement might impact on tax affairs. Getting a divorce and a settlement may result in having to file a tax return either in the UK or overseas if the latter applies.
Get expert advice on Pension and life insurance policies
Pension documents are complicated enough when everything is running smoothly. A divorce can mean a lot of paperwork to read through which can be very difficult to understand. Tax investment advice should be sought in good time to see how these might be affected.