Page 58 • The HERALD • 24th August 2023 v THE NEXT HERALD IS OUT ON 14TH SEPTEMBER v ASK A PROFESSIONAL A revolution in family law nally removes the need for blame as a basis for divorce. No one enters into marriage expecting it to end in divorce. However, it happens for many couples. It can be an emotionally charged time but there are things you can do to make the process go more smoothly. Keeping a level head whilst negotiating a nancial settlement is vital. In 2022 no fault divorce came into e ect in England & Wales. is is a revolution in family law removing the need to blame one party for the marriage breakdown. No more need to t one of the ve facts historically required to get a divorce rati ed or wait for the minimum two year separation period. is will hopefully lead to more amicable resolutions. If both parties agreed the marriage has broken down irretrievably then a joint application for divorce can now be made. We have certainly seen an increase in divorce related enquiries into Oyster, not sure it is related but we are certainly working with more divorce related situations than before the pandemic. If you nd yourself in this situation here are 5 points to consider: 1. Seek professional advice immediately. Your nancial adviser can help draw up a list of joint and personal assets so legal advice is based on accurate information. 2. You should seek to cancel all shared nances to ensure an unscrupulous partner doesn’t take advantage of the situation. 3. e timing of the process is also important. During the divorce process there is a window of time where a spousal tax exemption applies and then drops o . 4. Splitting pensions is very common. ere are two main ways of dealing with this. Pension Sharing is one and Pension O setting is the other main route taken. 5. e nal point is to budget for your new future as your lifestyle, income and nancial situation will be very di erent in the new postdivorce world. If you are facing the prospect of divorce and want a guided hand to help on the nancial side, Michael at Oyster Financial Planning is here to help you, call: 023 8084 8410. Dealing With Divorce by Michael Osman, Oyster Financial Planning Michael Osman, Oyster Financial Planning
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