The article explores the impact of recent tax changes on divorce and marriage in the UK. It examines a couple's unconventional plan to divorce for financial benefits, highlighting the complexities of inheritance tax and pensions in modern relationships. The article concludes by suggesting that marriage offers more tax advantages than divorce, particularly with proposals to make it easier for spouses to transfer assets tax-free.
January is “divorce month”, according to the marketing departments of family law firms, which traditionally spin the line about spousal Christmas bust-ups leading to new year marriage breakdowns. Is this true? I had a press release from a firm of solicitors claiming that actually it’s March that marks “peak divorce”, according to their analysis of 20 years’ worth of court data.
When Kirsty declared she would only go ahead if she could spend loads of money on a big second wedding and lavish honeymoon, their fantasy tax-avoidance plan was truly scuppered. But our pub conversation illustrates how crucial your marital status has become in the world of financial planning. Rather than get divorced for money reasons, it would make more sense for millions of cohabiting British couples to get married.
DIVORCE TAXATION MARRIAGE FINANCE PENSIONS
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