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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.


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Capital Gains Tax

  • Strawberrypimms
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02 Mar 20 #511676 by Strawberrypimms
Topic started by Strawberrypimms
I separated from my ex in 2015, Decree Nisi 2016 but continued sharing the house with me cooking for him etc.
We sold the business to fund a new farm for me and he retained the original one.
He essentially blackmailed me into not finishing the divorce claiming our sons would be unable to continue farming due to having to pay inheritance tax on my share.
In 2019 I got a Decree Absolute with both sons backing.
My share of the CGT has been rolled over into this purchase but his can't be.
He is now claiming we were out of the time limit for gifting between divorcing couples and is saying I should pay half his CGT.
I was told by my accountant it was OK because of something called business gifting between divorcing couples.
Now my ex is sending threats to tell the revenue the agreement isn't legal.
We had no CBO just a statement of assets then divided them 50%.
I have little cash and will have to sell this farm if this happens.
Understandably I feel desperate.
Can anyone advise please?
We shared a house until March 2017.

  • hadenoughnow
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03 Mar 20 #511687 by hadenoughnow
Reply from hadenoughnow
Did you ever get a legally binding Consent Order?

Did it state what should happen re CGT?

If you did not, it may well be worth getting the finances settled to put an end to all this.

Unless I am much mistaken, you still have your CGT liability. The problem would seem to be that his is crystallised.

Did he object to the Decree Absolute??

It is very hard to advise without having the full picture of the assets and incomes you have and how your needs are being met.

You could call the helpline to see if it is worth talking this through with one of our team.

Hadenoughnow

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