Found an interesting article about Divorce and the impact of having a divorce on yourt finances, written recently on the MoneyWeek website.
The Article uses the high profile Amazon Director, Jeff Bezos’ curent divorce as a case study to explain some of the financial impact of having a divorce as a business owner, from a UK perspective. You can find an exerp from the article below and a link to the full article above should you like to read it in full.
Exerp from the MoneyWeek article…
If Jeff Bezos were getting divorced in the UK, he would have just made one hell of a tactical mistake – one that, assuming he has to transfer an awful lot of Amazon shares to his soon-to-be ex wife, would have cost him many millions of dollars.
The mistake is deciding to get divorced after Christmas. He wouldn’t have been alone, of course. The stress of an imperfect two weeks with a spouse you don’t find quite as entrancing as you once did is the obvious reason to get started in January and a good 40% of marriages end in divorce one way or another. Lawyers have labelled 7 January “Divorce Day” in the UK.
But, tell the world in January that you can’t stand your spouse any more and there is less than three months left until the end of the tax year. You may think that makes no difference. I’m afraid it does.
When you are married you can transfer assets back and forth between yourselves with no consequences whatsoever. When you are not, you cannot: every transfer attracts capital gains tax (CGT) to the notional gain made by the transferor. When you are inbetween marriage and divorce something in between happens: you have until the end of the last tax year in which you lived together to transfer assets CGT-free. After that, the concession goes.
123 Divorce Summary
Thinking about the financial impact on the family and any businesses that you might have, as well the emotional well-being of all involved is very important during this often impulsive and very turmoil time in your life. In addition to thinking about the timing of your divorce you should also consider the cost of the divorce process in total. Many solicitors and family lawyers get involved in acrimonious seperations which can drive up thew cost of your divorce, especially if you are running on a meter where the cost is going up by the hour, and the letter, and every discussion had between clients and to clients.
Using a fixed fee, as well as an online divorce service ensures that the divorce is done as quickly and amicably as possible and that the costs will not spiral out of control. If this online divorce solution is the best solution for you or you know someone where this online, fixed fee, divorce solution would be the best option for them, then please feel free to contact us or pass on our contact details.
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