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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Sale of assets and costs

  • notgettinganywherefast
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15 Apr 22 #519189 by notgettinganywherefast
Topic started by notgettinganywherefast
When working out the value of assets for the 'pot' should sales fees and/capital gains tax be deducted, or does the pre-sale value get put in the 'pot' for division?
Obviously sales fees for a FMH are deducted in order to get an accurate amount for the 'pot' but is it the same for other assets like antiques?
It would seem fair to me to deduct any sale costs/CGT, otherwise the money in the 'pot' from that asset isn't actually available to split if it's sold - but I'm not sure if that's how it works with the court.

  • .Charles
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20 Apr 22 #519211 by .Charles
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Yes, the notional costs of sale are deducted to reach an accurate figure. The same goes for CGT although that is a grey area and a CGT report is often required (my firm used a local accountants firm that charged around £350 + VAT for that report).

Antiques? I've never heard of these being treated differently but is depends upon what value we are talking about. Generally, anything over £500 should be detailed but if there are thousands of items each with a value of £499, it can be tricky.

Charles

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20 Apr 22 #519213 by notgettinganywherefast
Reply from notgettinganywherefast
Thanks Charles. The assets in question have been valued as a whole at just under £200k, so the sale fees are significant as it could only be sold by auction and there would be gains of well over £100k to consider for CGT.

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