Protecting Your Assets
Banner Jones are specialists at Assets Protection in Divorce Proceedings.
Protecting Your Assets in Chesterfield, Sheffield, Dronfield and Mansfield
We can help with your divorce, children or finances matter
The division of assets during a divorce can be difficult for everyone involved and you may be wondering if there are ways to protect your assets. Our Family Law team at Banner Jones are ranked among some of the best in the country as part of the UK Legal 500, so be assured that we can assist.
It is very common if you are the main breadwinner that you'll feel any solution will go against you, but don't worry there are ways we can help the make outcome work for you.
Expert advice on Protecting your Assets
At Banner Jones, we have over 150 years of matrimonial experience within our family law department. We have solicitors dealing with a range of complex cases including land owners, lottery winners, business leader and even professional footballers.
Our family solicitors in Sheffield, Mansfield and Chesterfield have a wide range of skills (as well as experience) and can offer flexible solutions to suit your needs. One of the best ways to protect your assets is to not to waste them on expensive, ill-informed Court battles.
Protecting your Assets process
We can help you avoid Court if this suits you, however, if preferred we can guide you through the more traditional Court process in order to protect your assets. Whichever method you decide to use we will be with you every step of the way.
Contact one of our expert solicitors for more Asset Protection advice
Our expert solicitors are highly experienced and will treat each case uniquely depending on your circumstances. Our family law team achieve solutions through confidential settlements and are always on hand to provide support as we know going through a complex divorce can be an extremely stressful time. We ensure each of our clients receive the upmost care and consideration throughout the process, and we will strive to do our best to protect your assets.
We have offices in Chesterfield, Sheffield, Dronfield, Mansfield and Nottingham.
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Protecting Your Assets
Common Protecting Your Assets Questions
When agreeing a fair settlement life insurance and endowment policies are taken into account. You should agree how the policies will be handled and whether premiums will be paid for regular contribution policies, and whether the beneficiaries of any life insurance cover will need to be changed. You may choose to sell your policies or retain individual ones. Any policies which you have in joint names will usually be transferred into an individual’s names. You should take advice when considering selling any policies as this may results in a sharp fall in the expected value of the policy; any sale or transfer of the policy may have tax consequences. Ownership of assets is usually determined by who paid for the asset. You can include different rules within your cohabitation agreement. If either partner contributes to the costs of buying and maintaining the home you live in this is likely to give them a claim to a share in the home. In your cohabitation agreement it should be stated that if one of you has the intention that the property should be owned by one of you and that any financial contributions made by the other partner is over general living expenses. A financial settlement should be fair, this is based on the needs of both partners and the welfare of any children involved. Where there are plenty of assets you should consider having a prenuptial agreement. You may be able to use a prenuptial agreement to provide some protection to your assets that you bring into the marriage. Unless you have agreed otherwise: This depends on the circumstances. Divorcing parties are required by their lawyers to disclose any trusts which they benefit or may benefit in the future, the value of these assets are taken into consideration. There may be an area where trustees of the trust have discretion over who will benefit. If a spouse in the divorce has placed assets into a trust these may be taken into account. It may be possible to claim against the trust if it can be shown that assets are still under the settlor’s control, or that the settler created the trust once the marriage had started to break down with the intention of sheltering the assets for a claim. Trust law is extremely complex and we would advise you to take legal advice. You are able to go to court and get the financial settlement altered. In the absence of a negotiated agreement between the parties on marital assets the Court will apply its own discretion. Below are some of the main things which may be taken into consideration. Assets transferred between spouses are exempt from capital gains tax. This exemption continues to apply during the tax year in which spouses separate. After this tax year any transfer will normally be treated as a sale and will be subject to CGT. However the transfer of the family home to the spouse who still lives in it will continue to be exempt from CGT in many circumstances. The transfer of a property as part of a divorce settlement is also exempt from stamp duty. Any assets transferred between spouses are exempt from any potential inheritance tax liability. Any transfer made after the divorce as part of a financial settlement is also exempt from this tax. You should take advice on the best way to minimise the tax consequences in the divorce process.
How are we supposed to deal with assets like life insurance or endowment policies?
How does the way in which we share expenses impact our assets if we were to break up?
If I have a pre-nuptial agreement will my assets be protected?
We both own separate assets how should this be treated?
We have assets held in a trust, are these taken into account?
What if I find out that my spouse has assets which were not disclosed when we agreed our financial settlement?
What is taken into consideration when dividing marital assets?
What tax is paid on the sales or transfer of assets in a divorce?
Divorce
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Mrs L, Hasland
Divorce and Family Law
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Mrs W, Sheffield
Divorce and Family Law
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Mr C, Walton
Divorce and Family Law
The service was excellent.
Mr J, Hucknall
Divorce
Exceptional service at a very reasonable cost.
Mr G, Forest Town
You were very helpful and sympathetic whilst dealing with my case and your knowledge and advice was excellent. Once initiated, my case was dealt with speed, professionalism. Good contact and communication was maintained throughout.
Mr G, Staveley
Efficient, compassionate, honest and realistic advice that instantly generated deserved trust. On time every time.
Mr J, Sheffield
Banner Jones are excellent, the Family team had some strategy to their advice rather than just giving bog standard legal advice.
Mr T, Whittington Moor
I used Kelly Parks for my divorce, and both her and her secretary, Dawn, were professional, efficient and friendly. I have used other solicitors before, but Banner Jones are by far the best.
Ms S, Sheffield
Absolutely brilliant service. Thank you so much!
Mrs D, Grassmoor
Banner Jones Solicitors provided an excellent service in what was a slow and difficult divorce matter. The advice and persistence was very reassuring and eventually led to a good outcome.
Miss M, Chesterfield
Very efficient, friendly and professional. We would definitely recommend to friends and family. They made the whole experience problem free.
Mrs W, Mansfield
We’re really grateful for the work you did for us. 10 out of 10!
Mr & Mrs S, Bridlington
Very easy to make appointments, very personal service from all people at Banner Jones, my solicitor was very friendly and put me at ease. If I needed a solicitor again, Banner Jones would be the first on my list.
Mr C, Dronfield
Brilliant service, kept well informed all the way through the process. Would definitely recommend.
Miss H, Nottinghamshire
Cannot fault the service, efficient, prompt and cautious. Matters explained very well and clearly. Pleasantly surprised.
Mr & Mrs D, Mansfield
Service provided was excellent. All the staff were very helpful, considerate and professional. I would highly recommend to friends and family.
Mr W, Nottinghamshire
I would recommend Banner Jones Solicitors 100% to anyone. Completely trustworthy, efficient and kind. You can rely on them to do everything they possibly can to fight your corner and protect your interests. Banner Jones' team will also go the extra mile to help too.
Ms C, Chesterfield
I thank you for your kindness and patience in dealing with my case. It has been much appreciated and we all got there in th end! Wsihing you very best wishes for the future.
Ms M, Sheffied
Thank you for everything you have done Kelly.
Ms M, Chesterfield
That was absolutely quick and fantastic. You have been great since I chose you to be my solicitor, massive thanks for all your help during the year .
Miss K, Sheffield
I’d like to take this opportunity to thank you and your team for all your help.
I wish you all well.
Mr D, Chesterfield
It was extremely convenient to be able to discuss my case with Kelly before work in the morning. This avoided us missing each other, did not interfere with my work day and I knew that if I had something to deal with during the day I could discuss it with her the following morning. Our lives have been turned upside down during the pandemic and as such we all have to work more flexibly. It was refreshing and reassuring to see Banner Jones Solicitors embracing this flexibility by responding positively and dynamically to their client’s needs and pressures.
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