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Now that the final order is complete, you’re now free to experience life after divorce. However, whilst you’re now no longer married, there are a few things to consider before walking off into your new life.
In this part of my ‘Getting a Divorce’ series, I have outlined four key considerations for life after divorce. Whilst these will not apply to everyone, there will be some that you should reflect on, or at least keep in mind if you plan on remarrying.
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Part 6 in our ‘Getting a Divorce’ series
Part 5: Family Mediation
Part 7: Alternatives to Divorce
1. Cohabitation.
It’s not uncommon for couples to cohabit after their divorce. Many couples stay living together during the divorce proceedings and remain so afterwards to give the other spouse time to move out.
There are several reasons why people choose to stay living together, even in their life after divorce. These include:
- Children. Couples with children will stay living together to share responsibility and lessen the burden on their children.
- Finances. People can worry about their finances in life after divorce. Cohabiting allows people to share living expenses.
- Religion. Certain religions consider divorce to be a societal shame. To combat this, couples may remain living together to avoid any outsider opinions affecting them.
- Uncertain feelings. Some couples may not be entirely committed to moving out as they may still have feelings for each other.
Whatever your reasoning may be, it’s entirely normal to consider cohabitation for life after divorce.
2. Changing your Will after Divorce.
Once the court issues your final order, your divorce can alter the contents of your Will. Importantly, your ex-spouse will no longer benefit from your estate unless the Will states otherwise.
This can cause issues if you do wish to leave assets to your ex-spouse. For example, you may wish to leave assets to your ex-spouse for tax purposes so that your children may inherit them.
If you don’t have a Will, the rules of intestacy apply instead. By default, this does not recognise stepchildren or cohabiting parents, which is an issue if you are still on good terms with them after divorce.
Completing a divorce will complicate many areas of your life, especially your Will. Your best bet is to reconsider the contents of your Will and update it so that it remains in line with your current situation.
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3. Capital gains tax after divorce.
With divorce comes the financial settlement and, with that, comes the distribution of assets.
Typically, you can give your spouse assets free of capital gains tax during the divorce process. This is because it classes as a gift. However, there are a few outliers where capital gains tax may apply:
- Transferring assets after the divorce. You may have to pay tax on assets you receive after your marriage ends.
- Separated and did not live together. If you separated from your partner and did not live in the same home as them for the tax year, you may have to pay capital gains tax if you take the home during financial proceedings.
- Your spouse later sells the asset. If your spouse decides to sell the asset, such as a home or car, you may have to pay tax based on the share you own.
Furthermore, as of the updates to divorce and CGT in 2023, spouses with interest in the matrimonial home can may be able to claim Private Residence Relief when sold.
Each situation is unique, so if you’re unsure, it’s best to consult an expert to see if you’re in line with CGT laws.
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4. Prenuptial agreements.
Life after divorce may lead to a new marriage! In 2019, nearly a third of all marriages included at least one spouse who was remarrying.
To avoid the potential complications of another divorce, consider drafting a prenuptial agreement. This document outlines how you and your spouse will divide assets and, whilst not legally binding, the judge will likely favour this over any other solution.
It may seem slightly counterintuitive to draft a prenup, especially as with marriage, you plan on staying with your spouse for life. However, this document essentially outlines who owns what before the marriage, which, in my eyes, is more than fair to do.
If you need assistance with drafting a prenuptial agreement, call our expert family law team today on 0203 007 5500.
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More from our ‘Getting a Divorce’ series
Part 5: Family Mediation
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