Divorce, separation and tax. Three words that mean so much and have such a big negative feeling when put together in one sentence.

Anyway, moving on. The original title of this post was going to be ‘Why formalising your separation agreement is like doing your taxes’. Catchy title, no? Makes you want to read on?

Let me explain why doing your taxes, can be a similar experience to formalising your separation agreement.


Tax returns. Not exactly the most pleasurable task that we have to do in life but we do it. Why do we do it?

Formalising your separation agreement(s) in the traditional legal way can be much the same.

It can be a painstaking, time consuming task where you have to go back and find your financial documents for the last three years, scan and email them to your lawyer for them to review and/or exchange with your partner. It’s a bit of a boring exercise really.

Like tax returns, formalising your separation agreement can be in your interests. Certainly formalising your agreement about the division of your finances (also known as your property settlement), means that you or your partner would be entitled to stamp duty exemption on the transfer of property (real estate, shares and vehicles) to/from your partner. Also, legally formalising your agreement also severs your financial ties with your partner!

Yes, formalising your separation agreement in a legal way can be arduous. It can also be an expensive process financially, as well as being emotionally taxing (pun intended).

Well, what if there was a different way to do it though? The good news is there is!

Read Part 2.

 

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