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Family Law Blog - Perfect Timing

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Perfect Timing

Fortunately, nowadays many couples who separate are able to resolve their finances quite amicably between themselves and just come to solicitors to have their agreement turned into a formal document. It is really important to think about the timing of formalising that agreement. Sometimes a delay can be costly:-

1. It is important to take advice about the capital gains tax consequences of transferring properties or other assets after the tax year of separation. The actual transfers are relevant here, not the separation agreement or consent order.

2. Sometimes people draw up their own separation agreements or other informal documents and then seek to turn them into a consent order much later. This can be risky if the other person changes their mind. The cost of sorting this out at a later stage and trying to unravel the problems can be much greater than the cost of having a separation agreement or consent order in the first place.

For more information contact Demelza Patricio