Financial Provision
What is Inheritance Tax and How Can I Reduce It?
Inheritance Tax (IHT) is tax you pay on your death when you leave certain assets to loved ones more than currently £325,000 at the current rate of 40%.
Inheritance Tax is not payable if the value of your estate you leave is less than £325,000 or you leave your estate to a spouse, civil partner or a UK registered charity.
Form E – Financial Statement on Divorce
What is a Form E?
A Form E is a detailed form setting out your financial details, including the needs of yourself and the children. Both you and your spouse have a duty to provide full and frank disclosure in your Form E, giving full details of all your finances including; capital, income and pensions. You also need to provide a comprehensive schedule of outgoings and expenses. Download Form E and Download Expenses Schedule.
What is an Undertaking
Undertakings are a common part of the Court process, and are defined as a legal promise to do, or not do, something. It is a promise to the Court, and if you break it there are ways that it can be enforced. If broken, you could be at risk of being fined, or put in prison for a short period of time, but these are the most extreme consequences.
