Is a prenup part of your wedding planning?

Hotels and wedding venues are busy hosting wedding fairs and gearing up for the wedding season, with everyone focused on the details of the big day, from the colour scheme and menu to the choice of attendants and music. One other thing which now appears on a wedding checklist is discussion of a prenuptial agreement, especially when it is a second marriage, if there are business interests, or where the ‘Bank of Mum & Dad’ is helping with a deposit for a property. Nobody plans a wedding with separation in mind, but according to the Office for National Statistics, in 2021 the most common duration of marriage for opposite-sex couples was 8 years, for male same-sex couples it was 5 years; and for female same-sex couples it was 4 years. ‘A prenuptial agreement provides a…

Do you need a freezing injunction to protect marital assets?

Once a relationship has broken down, while many couples remain on good terms, sometimes the situation is irretrievable and behaviour can go beyond what is acceptable or legal. In particular, disputes over who gets what in the financial settlement can prompt underhand dealings with the wealthier partner attempting to conceal assets or reduce their value.  For example, they may build up debts (personal and/or business), or deliberately squander money in gambling or expensive trips that they did not participate in before. You might be worried that they are giving away valuable art or antiques. ‘If you are worried that your spouse is hiding, selling, or otherwise getting rid of assets to prevent you getting your fair share in the financial settlement after your divorce, then there are legal steps which you can take to protect…

Valuing a private company or family business in a divorce settlement

Running your own business can be the fulfilment of a lifelong dream, but it also brings stresses and strains which sometimes contribute to relationship breakdown. It certainly adds complexity when trying to agree a financial settlement after divorce. ‘The key challenge is to achieve a fair settlement without jeopardising the long-term financial health of the business upon which both people may still need to rely,’ says Robert Bellhouse, a Family Solicitor in the family team with Ware & Kay. ‘Determining a valuation for any business takes skill and tends to be a more complex exercise than valuing other matrimonial assets such as the house or a pension.’ Obtaining a business valuation Like all other matrimonial assets, it will be necessary to obtain a valuation of the family business or private company.  In order to achieve…

Changes ahead in capital gains tax rules for divorcing couples

At present, no capital gains tax (CGT) is charged on a transfer of assets between a married couple or civil partners who live together. If, however you are separated or divorced from your spouse or civil partner, then this tax relief does not necessarily apply. The Office of Tax Simplification reviewed the rules relating to separating couples in July 2022 and proposed a number of recommendations which the Government have agreed to implement from April 2023. Robert Bellhouse, Family Solicitor with Ware & Kay in York, Wetherby & Malton explains, ‘The new rules mean that separating couples will be afforded more time to transfer assets between themselves without the risk of being charged CGT. This is a welcome change and will take one financial pressure off, allowing more money to be available to meet the…

Our guide on changing your name

  As recognised by Article 8 of the Human Rights Act 1998, everyone has the right to a private and family life, which includes having the right to change their name, without justification, providing that it is not for any frivolous such as a bet or fraudulent reason such as to avoid paying a debt.   There are several reasons why you might want to change your name including (but not limited to): To double-barrel your name after entering into a marriage or civil partnership; To bring a family together, for example, a step-family To reflect your gender; You dislike your current name; or Your name was registered incorrectly.   What changes can I make to my name? The changes that you can make to your name include changing your forename, middle name(s) or surname…

Step-by-step guide to no-fault divorce

Since April 2022, couples have been able to seek a divorce after one year of marriage without having to blame their former partner for any reason. Prior to the change in the law, couples who agreed to separate had to wait at least two years before they could divorce.  If they wanted a divorce prior to this, then blame had to be attributed to their spouse.  There were no alternative options. Robert Bellhouse, a Family Solicitor with Ware & Kay in York & Wetherby explains, ‘Thankfully the introduction of no-fault divorce means you can now petition straight away without blame being attributed to either spouse.  It is hoped this will lead to less acrimony, which could ease financial negotiations and foster better relations between divorcing parents which can only be seen as a positive for…

Is a prenup part of your business risk management strategy?

Managing risk is an essential part of any business operation and while personal relationships do not often appear high on a business risk register, an acrimonious divorce has the power to devastate a small business. ‘While few anticipate or want to believe their own marriage will break down, sadly recent statistics show that over a third of all marriages end in divorce,’ says Robert Bellhouse family law expert at Ware & Kay in York & Wetherby. ‘It is not uncommon for directors of a family business to insist that members of the next generation enter into a prenup before they get married, in order to protect the business assets from the effects of a divorce.’  It is sensible for all entrepreneurs to consider a prenuptial agreement if they are thinking of getting married or entering…

Carving up a family farm after divorce or separation

While January is a time of new resolutions and fresh starts, Christmas may have been a difficult time with strained relationships in hard-pressed farming families, many of which are still struggling with the aftermath of Brexit, Covid and the current cost-of-living crisis. It is little wonder then that the first Monday of January is known amongst family lawyers as ‘Divorce Day’, with so couples having reached breaking point and looking to split up or file for divorce. Divorce or separation is always a stressful time, as couples seek to split their joint belongings and make arrangement for their children, but can be especially difficult for farming families whose assets may not be easy to divide, as Robert Bellhouse, family law specialist at Ware & Kay Solicitors in York & Wetherby explains. When couples divorce, the…

Think twice before using social media during a family dispute

It is forecast that, by the end of this year, 90 per cent of the UK adult population will use a social media account at least once a month.  This is a remarkable statistic, but perhaps even more remarkable is that the average user is estimated to spend more than two hours per day on social media.  There is no doubt that we are putting more of our lives online than ever before.  We are more comfortable with posting about our family celebrations, our personal dilemmas and our relationship status.  ‘Unfortunately, social media can bring its own set of problems when it comes to a family breakdown,’ says Robert Bellhouse family law expert at Ware & Kay in York & Wetherby ‘Once you may have told only your closest friends about your relationship problems, but…

Reconciliation; can we change our minds about getting a divorce?

You are likely to have spent some weeks, months or perhaps even years contemplating getting a divorce before you decided to apply, and even then, you may still wonder if it is not too late to save your marriage, particularly if you have children together. ‘Issuing or receiving a divorce petition can be the spark that awakens feelings or renewed efforts and could lead to a reconciliation,’ says Robert Bellhouse, a Family Solicitor with Ware & Kay. ‘It is not uncommon following a divorce petition for a couple to talk more openly to each other, perhaps supported via counselling or mediation.  This can be the start of working together to address the cause of unhappiness and could lead to a route forward together again.’ While the decision to divorce is a big step, there is…