Divorce dilemmas for directors 1 – Timing of the separation

20th November 2013

If you, or your spouse, are a company director and you are on the brink of a divorce, you may naturally be concerned about protecting your business.

Staffordshire divorce lawyer, Laura Lambert of Ansons family team in Cannock, helps you solve the many dilemmas you may face about your divorce and the future of the business.

One of your first concerns may be the timing of the separation.

While it may be difficult to plan when you and your husband or wife separate, it is important to understand the effect of the separation on your tax allowances.

If you separate just before the end of the tax year you may both lose your capital gains tax savings as you or your partner will not be able to transfer assets between you within the tax year of separation. If possible, it may be prudent to agree to separate at the beginning of a new financial year.  You should always seek advice from an accountant on this point in any event.

For further advice, please contact Laura Lambert in the family law team, on 01543 431996 or email Ansons Solicitors has offices in Cannockand Lichfield, Staffordshire.