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Bigglesw

Divorce and asset split

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Hello

 

I am very confused not least because my wife has walked out on our marriage after 35 years and apart from the relationship upset there is a considerable amount of property in the mix. Unfortunately she left in the last tax year so spousal transfer without CGT is going to be a massive problem.

 

I have spoken briefly to a solicitor but he just confused me even more. I have no issue with the relationship split but the business split is going to be complicated for all sorts of reasons not least CGT.

 

My wife and I are on talking terms and are both keen to get this done smoothly and cheaply. Is there any alternative to using a solicitor?

 

We are business partners already and we are both happy for that to continue without disposal or divvying up the properties.

 

Any suggestions greatly received>

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" Is there any alternative to using a solicitor? "

 

Not if there is property involved Bigglesw as you will require Court Orders.

 

Andy


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What do we need court orders for? Can't we just divorce and continue to run the business each drawing our share? The business is better as a whole than it is in 2 halves. Breaking it up / down will destroy it I fear.

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Property ?


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yes property, 35 flats

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Then you will need some form of court orders with regards to the property split..I never mentioned splitting the business

 

So back to your initial question.....

 

" Is there any alternative to using a solicitor? "

Not if there is property involved Bigglesw as you will require Court Orders.

 

Andy


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Thanks

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There are good reasons to use a solicitor (well, 2 solicitors, but I'll come back to that).

 

Your reason for not using a solicitor appears to be:

a) concern of cost, with

b) there being no dispute as to division of assets.

 

If things were disputed, you'd probably use a solicitor, and expect it to get expensive. However, the expense would come from the increased work due to the dispute / argument .....

 

If you and your wife go to a solicitor having agreed on a division of assets and agreed a divorce, the solicitor doesn't have to get involved in disputes : only draw up the papers for the division of assets.

The risk of not using a solicitor and getting it wrong, then it getting costly to resolve means it is probably sensible to use a solicitor.

 

The solicitor can't represent both parties in a divorce. Get one solicitor to draw up the papers, acting for one party, get another solicitor to check the papers for the other party (again, keeping cost down by it being non-contentious...)

Money wasted?? Possibly, but it protects both parties .....

 

It is all agreed, fine & dandy currently.

Then one party meets someone else, and the new partner "leans on" the divorcee. "It was unfair" they say, "there was duress!", and the divorcee has to argue with the new partner or go along with it.

However, if both sides used their own solicitor: much harder to claim there was an uninformed decision made under duress.

 

So, given the major expense results when solicitors are used arises when the 2 parties are still squabbling : using 2 solicitors to implement an agreed structure to a divorce can save money in the long run.

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35 flats!

 

With that kind of money at stake I would definitely use a solicitor. The consequences of doing a DIY job and getting it wrong could be pretty bad.


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