Description: At Prettys our family law team are specialists and members of the Solicitors Family Law Association which promotes a non-confrontational approach to resolving legal matters in a practical way. We can offer collaborative law trained services, designed to avoid lengthy court litigation. There are, however, a small percentage of cases where resource to the court is the only option and our years of experience in litigation ensure a firm and considered approach if negotiation fails.

The decision to bring a relationship to an end is an extremely difficult one. Whilst the concept of the family unit may have changed considerably over recent years, the needs of individuals whose relationships break down remain the same. The breakdown of a relationship gives rise to a variety of legal problems as well as being very distressing to those involved.

If two people choose to cohabit, rather than marry, a judge does not have the same powers to divide income, capital, property and pension. However, either party could argue an interest or right by contribution to an asset that is owned by the other, such as a house. Property and other assets may also have been bought in joint names during the relationship.

A cohabitation agreement can set out what each party intends to happen if the relationship ends, both to assets that existed before the relationship started and any accumulated during its course. Such an agreement legally binds the parties involved and is a step we would recommend to anyone considering cohabitation.

With careful planning, taxation can be minimised as ownership of a business passes between members of a family.

For example, business assets can often be gifted or passed on death free of inheritance tax. At present, a 100% deduction in value is allowed for tax purposes in respect of shares owned in most unquoted trading companies and partnership interests. The exceptions are where the business wholly or mainly deals in investments or property.

Category: Suffolk

Url: http://www.prettys.co.uk/

Date: 6 Mar 2006

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