20 FOR 2020
Why you should use an expert not the internet for legal advice
If you believe the papers, each new year brings a deluge of people consulting solicitors and wanting to bring divorce proceedings. The reality is often far less dramatic - there are rarely queues of people at the divorce solicitors – but each new year does bring about a chance to take stock of where you are and what you want to do. That can lead to thoughts about whether your marriage or relationship is working, with the changing of the calendar supressing the urge to sweep things aside. It’s often the case that those thoughts have been a long time coming, but have been swept aside due to fears of ‘what if?’ in terms of what happens to assets, liabilities and – increasingly – their business. Chris Price from Tayntons Solicitors said: “The key is always to talk to an expert as soon as you can, to understand the implications and the processes involved. “In an age where people use an internet search engine to diagnose medical conditions, there is a temptation to do the same for legal advice. “However, in family law matters, each case is different and there is always a bespoke solution. Talking directly to an expert can direct you to this to sooner rather than later. “If you believe some of what is on the internet, there is a standard flow chart process that you follow from A-B and end up with a standard solution for divorce, finances and children. “That really could not be further from the truth. “While the actual divorce process is becoming streamlined, that only deals with ending the marriage. “The agreements reached or orders made for finances and children have some of the widest discretion in the legal system and will be specific to your case. “Just because Mr or Mrs Smith on the internet got a 50/50 deal, it does not mean that will apply to you.” Mr Price has also highlighted Tayntons’ increasingly common advice to all clients to think about the ‘what ifs’ when they are planning ahead. “We would not go on holiday without getting insurance or own a home without protecting the
building,” he said. “The hope is that we will never need to call on them, but it would be wrong for us to not have protection in
place.” Clients
regularly consult with Tayntons’ expert team about the measures that can be put in place to provide certainty and protect assets within a marriage in case of a marriage breaking down. This includes discussions about pre-nuptial agreements, or cohabiting agreements for property. Another key area however, is the protection of a business. “It is not unusual to see scenarios in small or even regional companies, for spouses and/ or partners to be included as directors or shareholders,” Mr Price said. “Equally, they can often have a limited or non- existent role in the day-to-day running of the company. “This can be a tax-efficient method while the relationship is going well. However, it can present a key issue in the event of that relationship breaking down. “Questions will then arise over the value of the shareholding that the spouse holds and if a payment should be made for that. “Add to that, the complications of removing a director can even give rise to threats of employment claims and questions to what, if any, remuneration is due. “Together, with protection and indemnities being demanded after they have resigned. “The key is to ensure that before you put an individual as a shareholder or director, you take appropriate professional advice from both your accountant and also your solicitor. “Careful consideration needs to be given to the benefits in comparison to the potential problems in the future in the event of a relationship breakdown. Chris Price
22 | February 2020 | www. punchline-gloucester .com
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