When transferring assets as part of a settlement, it is important to be aware of the tax implications of receiving income generating assets or assets with inherent gains.

It is also necessary to consider the impact of transferring assets that qualify for Inheritance Tax reliefs, in exchange for assets that do not qualify for the same.

Following absolute decree, pre-existing wills are not automatically revoked. As such, seeking tax advice from The Crowe Divorce Hub and accompanying legal advice is key to ensuring your wishes are carried out in a tax-efficient manner.