January 8 is notoriously known as ‘Divorce Day,’ because of the spike in couples considering ending their marriages after the holidays.
January is, in fact, the busiest month of the year for divorces to be filed. Presumably, new year’s resolutions and everyone assessing their life as it stands – plus goals for the future, and avoiding upsetting their children over Christmas – combine to give people the push to make drastic changes.
Sadly, 42 per cent of marriages now end in divorce, with the average marriage now lasting just 12 years. According to data analysed by the divorce support service Amicable, more than 40,000 people will search “divorce” online in January.
The difficult and emotional journey of embarking on a divorce tends to focus on family issues, with finances being a major consideration. So there are many tax issues to think about before a separation or divorce.
The following tips relate to some of the tax issues that may crop up if you’re thinking about filing for divorce.
Tax rules are complex and you’ll want to avoid the additional stress of any unexpected tax bills. We’re always here to advise on this – and knowing how upsetting divorce can be, we provide a strong cup of tea and a box of tissues, if need be. We can help you make sure your figures are in order so that the lawyers have a clear picture to work from. Call us for advice on 020 8530 0720 or email firstname.lastname@example.org.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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