HURST sets up team to advise on divorce settlements

MANCHESTER, U.K. - June 4, 2013 - PRLog -- HURST has launched a specialist service providing tax advice to divorcing couples and their lawyers in anticipation of a rise in cases - in particular 'silver separations' - as the economy improves.
The dedicated team is led by partner Rachel Murphy and senior manager Liz Gallagher.

The service is aimed primarily at entrepreneurs, business owners and other individuals as they look to reach settlements with their spouses over the division of assets such as property, shares and pensions.

Rachel said: "Divorce is a difficult time for everyone involved, and tax is probably the last thing individuals think about.

"Often, they and their lawyers are unaware of the UK and international tax implications of a proposed divorce settlement, but the timing can have a big impact on the tax position of one or both parties.

"Taxes which are directly affected include capital gains tax, income tax if assets such as shares and cash are being allocated, and inheritance tax.

"We are increasingly being asked to provide expert advice and we have now decided to form a dedicated team working with individuals and their lawyers to plan settlements.

"A year or so ago, many individuals were putting off a separation because, as a result of the recession, company and property values were depressed.

"Now we are coming out of recession, people don't want to wait any longer and are pressing the button."

We are planning a series of seminars for solicitors over the summer as we roll out the service.

Figures published by the Office for National Statistics in December showed that, while the number of divorces in the UK fell 1.9 per cent in 2011, more men and women over 60 ended their marriages in so called 'silver separations'.

Key reasons suggested by experts include people increasingly being more active in retirement, taking up new hobbies and meeting new partners, and the rise of the internet, which has enabled people to rekindle old flames and forge new relationships via social media websites.

High profile separations have also highlighted the trend. Last October, actor Danny DeVito and Rhea Perlman ended their 30-year marriage, while in April the veteran Labour politician Baron Hattersley and his wife Edith Mary were divorced after 57 years.