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Dividing assets during divorce process

CalebWomble
Posts: 2 Newbie

Hi, not sure whether this is a stupid question!
So my ex and I are divorcing (have the conditional order). We have agreed how we're splitting the finances and are both happy with that.
However, I've had nearly all our money in accounts in my name only, for tax reasons, and it's mostly in restricted access accounts that can't be touched until this autumn.
What's going to be the best way to transfer him £300K? Will there be tax implications for him if we're divorced? Will it be part of the financial order so just straightforward? I don't know whether I'm fretting about nothing and it will be easy, or whether it will actually be a hassle.
So my ex and I are divorcing (have the conditional order). We have agreed how we're splitting the finances and are both happy with that.
However, I've had nearly all our money in accounts in my name only, for tax reasons, and it's mostly in restricted access accounts that can't be touched until this autumn.
What's going to be the best way to transfer him £300K? Will there be tax implications for him if we're divorced? Will it be part of the financial order so just straightforward? I don't know whether I'm fretting about nothing and it will be easy, or whether it will actually be a hassle.
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Comments
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When in the autumn? I think the only tax implications would be if you/he accrued significant amounts of interest before the assets are divided. But if everything happens at about the same time that there's wouldn't be any hassle. But I am not an accountant or divorce lawyer.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
There shouldn't be any tax implications except for tax on any interest accrued, I'm assuming the money was invested after income tax and NI was deducted.
A Solicitor can make a Consent Order which sets everything out as to who gets what and can also provision for any other considerations such as spousal and child maintenance. This usually goes hand in hand with the Divorce and unless the separation is acrimonious, it shouldn't be a hassle. In any event, funds and assets shouldn't be dispensed until a Court has approved the Order. Your ex will need independent legal advice if it is you who initiates this. Until then, regard the savings and investments as joint marital assets to be left untouched until they can legally be dispensed, as per the Order.0 -
CalebWomble said:Hi, not sure whether this is a stupid question!
So my ex and I are divorcing (have the conditional order). We have agreed how we're splitting the finances and are both happy with that.
However, I've had nearly all our money in accounts in my name only, for tax reasons, and it's mostly in restricted access accounts that can't be touched until this autumn.
What's going to be the best way to transfer him £300K? Will there be tax implications for him if we're divorced? Will it be part of the financial order so just straightforward? I don't know whether I'm fretting about nothing and it will be easy, or whether it will actually be a hassle.
Shouldn't be any tax implications since it's not earnings or income.
In terms of doing it - generally it'll be part of the consent order to say how much and when and then funds are transferred to the other sides solicitors to deal with it.0 -
Thanks all, that's reassuring.
The money is in various different places and yes, I will have to pay some tax on the interest. Just not as much as he would have had to.0
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