When considering divorce finances, it is often difficult to determine a fair way of splitting business assets. This article explores how shares in private limited companies or interests in partnerships are typically dealt with on divorce, and the pre-emptive arrangements you can make to protect your company in the event of divorce. Asset Disclosure The starting point in financial proceedings on divorce is for each party to give “full and frank” disclosure of all of their assets, with a view to having a clear picture of the matrimonial pot which is available for distribution. The ownership of a business (if […]

A party to a marriage or civil partnership may understandably be concerned to know whether their spouse might be awarded a share of assets they have inherited if they ever divorce and would like to know what, if anything, they could do to reduce the chance of this happening.   Firstly, there is a general principle, even where short marriages or civil partnerships are concerned, that property that has been acquired during the marriage through the joint efforts of the parties should normally be shared equally on divorce.  This includes the family home regardless of how, when or by which party […]

The steps towards divorce in different jurisdictions differ and LawFuel has asked UK divorce lawyers Major Family Law at to explain the key steps to take with divorce law in the United Kingdom Whatever the reasons for divorce: infidelity, getting married too early or gradually drifting apart, it’s important to be aware of the process that lies ahead. The average divorce rate in the UK in 2021 was 42 per cent a slight decrease from 2019 but still a large number. In the first quarter of 2022 there were over 30,000 divorce petitions filed in the UK. Divorce statistics for […]

As a therapist and family lawyer, I have seen counseling as an important way to help people go through the painful process of separation and divorce. But I have also seen how it can be misused so that individuals and/or their children are negatively impacted by counseling. In high conflict divorces (perhaps 20 percent of divorces), some of which may involve personality disorders, the risk of these negative impacts can become even more significant. Source: Semachkovsky/Shutterstock Individual Counseling Separation and divorce are emotionally trying times. Getting support and assistance in managing daily life at this key time can be very […]

The ongoing pandemic and financial crisis are placing a great deal of strain on couples, causing divorces to rise. Jackson Lees’ divorce expert, Anna Francis, explains the importance of seeking independent legal advice to secure your finances when going through a separation. The ongoing Covid-19 pandemic has been placing couples and families under a great deal of pressure, which has no doubt had an impact on divorce rates. Now, with the current cost of living crisis looming over our heads, the increased strain on our finances is going to place additional stress on married couples and divorce rates are likely […]

The family home is often the biggest asset in many divorce cases.  Depending on the agreement reached between the parties involved, the property may need to be sold or transferred to one spouse, which can potentially attract capital gains tax (CGT) depending on the timing of sale/transfer and whether either party has already left the family home. Other assets, such as shares, may also attract CGT if they are sold or transferred. The Government have now announced proposed revisions to rules regarding CGT during separation and divorce, as set out below. If implemented, the new rules will be effective from […]

Athletes around the world have earned millions of dollars because of their successful sports careers. Along with their athletic earnings, sportsmen also earn enormous sums due to their well-paying endorsements and other businesses. However, there are few athletes who have lost a big chunk of their money because of their divorces.  Boxing great Mike Tyson was the most talked about athlete in the world in the late 1980s. His boxing prowess garnered him a lot of fame and added millions of dollars to his bank accounts. At the time, ‘Iron Mike’ was dating American model Robin Givens.  ADVERTISEMENT Article continues […]