• Published Date

    August 20, 2018
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PROMOTION Where do you stand on nherited assets on divorce? The latest figures from the Government show that the South West paid out the third largest amount of inheritance tax. Not surprising that London and the South East came top. With an increase of 8% in inheritance tax last year, family law partner Sarah Walls from Stephens Soown, outlines how the courts treat inherited assets on divorce and what you need to consider to keep them in the family. In manydivorces a question often arises may also be more likely to stay in the about how inherited assets should be family. The court will look at what is treated in a divorce, and whether the considered fair and this will vary in spouse whoinherited those assetsshoul each case be able to keep them. So what can you do to protect your inheritance? The reality is that there isn't one answer. It all depends on the circumstances including: In long marriages there is a presumption that the courtwill divide the assets equally. An inheritance provides an opportunity tochallenge . How long the couple have been married How much theinheritance wasand when it was received Whatthe inheritance has been used for that argument To secure the best possibility of preserving any inherited . . The couple's standard of livin assets from a spouses claims (including the extent to which the ondivorce you should: inheritance has assisted with that Keep the asset in your standard of living) sole name Le. keep property If there is any pre-nuptial or post in your name only if it has been nuptial agreement The needs of the husband, wife and children inherited or keep funds in a sole account etc. - Try not to use the asset for joint benefit during the marriage The court has a very wide discretion inEnter into a pre-nuptial or post- matrimonial cases and has made it clear nuptialagreement to ring fence the that eachtype ofinherited propertycan asset be treated differently dependingon the specifie cincumstances. For example, It is therefore extremely important an inherited arm, or shares in a famly that early advice is taken in the business that have passed down event of a relationship breakdown so hrough the family for generations that the specific circumstances can may well be treated in a different way be considered and where possible to money being inherited. An heirloon inherited assets prosected. passed down through generations Sarah Wailis advises high networth individuals on divorce and other farmily law issues. She is a partner at Stephens Scown, the only firm to be given a number one ranking in the two independent legal guides to the profession- Chambers and the Legal 500. Stephens Scown LLP Curzon House, Southermhay West, Exeter, Devon EX1 1RS