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…

Spring employment law round up

"Other than the usual April updates to statutory rates, it looks deceptively quiet on the regulatory front for employers. But the end of the year could see the biggest shake-up in employment law for years as a consequence of Brexit," explains Kalpesh Nakeshree, Head of Employment Law with Ware & Kay. Kalpesh highlights the key changes to rates, and looks at the extra bank holiday, a raft of private members’ bills aimed at seeing through earlier government commitments, a consultation on a statutory code on ‘fire and rehire’ and a couple of topical cases. Increase in statutory rates Employers should prepare for increases on the following dates: 1 April 2023 – national minimum wage Increase in the national living wage for workers aged 23 and over from £9.50 to £10.42 per hour. Increase in the…

Selling a property after someone has died

When someone dies, all their belongings and property vest in their personal representatives who must enter into any agreement to sell the property and sign the necessary transfers, which are called ‘assents’.  ‘Selling a home or holiday home when someone has died is similar in many ways to a conventional property transaction,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘However, there are some important differences and additional procedures you must follow. This can mean a sale takes longer or is more complicated, but there is a lot you can do to make things easier.’ Check you can deal with the property Ideally, your loved one will have made a will and their wishes will be clear. If you are named as executor, you may decide to renounce this…

Martin House Make a Will during the month of March 2023

Leave your legacy to help us continue ours. If, like many other people you have been putting off writing your Will, this is your chance to put that right. Ware & Kay Solicitors has teamed up with Martin House to give you the opportunity to have your basic Will written for free. Legacies are vitally important to Martin House. In fact, they make up more than a quarter of our entire voluntary income, meaning the cost of caring for one in four of our children is covered by gifts left in Wills. Over half of UK adults have not made a Will. It's not always easy to think about what might happen when we die. But making a Will is an important step to ensuring the people and things you care about are taken care of after you're gone. Your Will is…

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…

Talking buying or selling land

Agri-environmental schemes are government-backed initiatives which pay farmers to make their agricultural activities more sustainable. They aim to increase biodiversity, restore the landscape, promote wildlife and to improve the quality of water, air and soil. Given the hardships many farmers have suffered due to Brexit, the pandemic and more recently the cost-of-living crisis, it is understandable why so many have embraced the concept of receiving subsidies to ‘go green’. But what schemes are available and what are the implications if you sell agricultural land which is subject to one of these schemes? Jacqueline Barr, agricultural law specialist at Ware & Kay Solicitors in York & Wetherby, reports. Shortly after the Agriculture Act was passed in November 2020, the government published The Path to Sustainable Farming: An Agricultural Transition Plan 2021 to 2024, which outlined its…

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…

Transferring property to your children

Almost one in two first-time buyers receive some financial assistance from their parents, but cash gifts or mortgage support are not the only ways to help the next generation. If you are asset rich and own land, vacant buildings or a second home, transferring property to a child is another option.  People sometimes have a separate outbuilding, such as a gite or annex, which they would like to gift. Alternatively, the subdivision of a farm or large garden could provide the site for a child to build their own home.  However, it is important to consider your own needs, and how these may change over time. Transferring property to a child can also raise different issues to a traditional conventional transaction, so it is important to get the right professional advice especially on the tax issues…

Problems in performance management

‘Performance management can be challenging and time-consuming,’ according to Kalpesh Nakeshree, Head of Employment Law with Ware & Kay. ‘The first challenge is to determine if this is a capability issue that needs to be addressed under a performance management procedure, or if it is a conduct issue to be dealt with under the disciplinary process. As a rule of thumb, capability relates to the employee’s abilities and competence, whereas conduct involves carelessness or laziness.’ ‘It is important to get this right to make sure you follow the right procedure and increase the chances of any dismissal being fair. Kalpesh Nakeshree outlines the performance management process, looks at common problems and highlights some alternative options. Key steps The purpose of a performance management policy and procedure is to give the employee the opportunity to improve…