We have the expertise to advise you on the best options available to you to protect your assets and your interests in financial claims.
Separation Agreements
A separation agreement is a written agreement between a couple who intend to stop living together. It sets out how they wish to sort out financial arrangements, property and arrangements for the children. Separation agreements are very commonly entered into in Scotland and are legally binding on the parties. Very often such agreements are entered into without the need for ever going to court and they often follow successful mediations, collaborative cases, and negotiations. Once signed and registered, these agreements serve to extinguish all claims either party can make on the other on divorce or death.
Capital Sum / Property Transfer Orders
Under Scots law, assets are divided fairly. That generally means equally. They can be divided by way of money or assets being transferred between spouses.
On some occasions, couples can’t agree which assets they keep or how much one or the other should get. In these situations the court will be asked to decide and will make orders for payment of capital sums or property transfer orders.
Pensions on Divorce
Any pension provision derived during the course of the marriage forms part of the matrimonial pot. Sometimes the capitalised value of a pension is significant.
In such cases it may be difficult for the spouse with the significant pension rights to find sufficient cash to buy out the other. We can advise on pension sharing and how best to maximise your position.
On some occasions actuarial advice is necessary.
Emergency Orders
In some cases preventative measures are necessary to prevent dissipation of assets.
There are a range of emergency orders available and we are able to act quickly in your best interests.
In some cases you may be aware that a court action is about to be raised against you. We can lodge notices known as caveats in the Scottish courts which will alert us as soon as an action is raised.
Enforcement
Once you have a court order you want to be able to implement it.
In the event that you need to obtain payment, or have a property transfer order implemented or indeed enforce a contact order to spend time with your children we can help.
Tax
The breakdown of a relationship or start of a new relationship has many consequences, some of which you may not think about. There will inevitably be tax consequences for you, affecting any or all of income tax, capital gains tax and inheritance tax. We have the experience to advise you of these tax consequences and how best to structure your affairs to be as tax efficient as possible.
Trusts
You may wish to protect assets through use of a trust, from your children or from any future relationships. We can advise you on which type of trust is suitable for your needs, set it up for you and help you with the ongoing administration.
Inherited Wealth
You may wish to take advice about how inherited wealth will be affected by your new relationship or the breakup of your existing one. We can advise you on this. If advice is taken before a new relationship is started, we can advise you how to best protect your inheritance.
Family Business
There may be issues regarding your family business that you should consider at the start or end of a relationship. We can advise you on the relevant issues which include tax and succession rights.
Wills/ Revocation of powers of attorney/ Pension nominations
Often people overlook reviewing their Will and Power of Attorney when they divorce or separate. Often, the breakdown of a relationship or indeed the start of a new relationship means you need to change your Will and review your Power of Attorney and Pension nominations. We have the expertise to advise you on the options available to you and the most tax efficient way of achieving them.
Please contact us to discuss any aspect of Financial Claims and Asset Protection.
Schedule a call back Schedule a Call
Related Posts
Covid-19 and financial settlement
I don’t want to mention the “C” word. However, the reality is that I have to. Coming into week 5 (I think?!) of lockdown the impact of the virus is ...
Inheritance, Gifts and Divorce – what you need to know
If you have ever received an inheritance or gift you will be well aware that these items can very often hold great sentimental value. However, not only can they hold ...
The Divorce Tax? Your need-to-know before 5 April
With the financial year end looming, finances and tax are hot topics on everyone’s mind at the moment. If you are separating, your divorce may be the last thing you ...
Alexa, how much will this divorce cost me?
Amazon founder Jeff Bezos and his wife Mackenzie recently announced that they were separating after 25 years of marriage. The couple are estimated to be the wealthiest in the world, ...
