But timing can be crucial in maximising the tax benefits when business or other assets subject to capital gains tax (CGT) are divided between you and your partner.
At Milsted Langdon in Bath, Bristol, London, Taunton and Yeovil, our tax specialists can provide expert advice on maximising your tax allowances and ensuring that you do not pay more tax than you have to when you divorce.
For example, we can advise on the complex rules relating to CGT, which differ depending on whether a transfer of assets is made in the tax year in which you separated, in the tax year after you separated or after your divorce has been finalised.
We can also advise on inheritance tax (IHT) issues, such as the IHT exemption on asset transfers between partners that exists until the divorce is finalised and on divorce.
Our tax specialists will look at your bigger tax picture and provide advice that makes the most of opportunities to improve your tax position that will no longer be open to you once the divorce is completed.
After your divorce, we can provide ongoing advice to ensure that the tax efficiency of your financial arrangements is maintained in the long term.
To find out how we can help you, please contact us.