We all hate giving the tax man more than we have to and fair enough too. We pay tax once when we earn it, why should we pay again when we get divorced. When you go to court the tax implications of the forced sale or split of assets is not even a factor in the process. Hence why we have termed it the Divorce Tax.
Paying divorce tax on everything you have acquired just because you are separating is unfair and luckily unnecessary. So long as you plan correctly and are careful of how you choose to separate you can maximise your returns and minimise your expenses.
Going to court means you don’t retain control and you don’t retain the option to package the asset split to minimise the hit to your wealth.
Below is an article which we were asked to participate in that we thought was worth reposting. It has some good advice, so enjoy and we hope it is useful.
For help with your separation or parenting issues call BrightSide
Susan Hewitt is the Principal at Bright Side Family Law, a non-litigious family law and mediation practice. Susan has worked as a lawyer and journalist for almost 30 years. She is an accredited collaborative lawyer and family-law mediator who is committed to helping families through their relationship breakdown in an honest, cooperative and respectful manner.
If you are facing a family law matter call or email Bright Side https://brightsidefamilylaw.com.au/contact-us/