Divorce rates rocket for mature couples
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Tax planning involving trusts has been a rapidly changing field over the last few years. The latest change is that from 6 April 2010 discretionary trusts, the most common tax planning vehicle, will pay income tax at the new rate of 50%.
The press has quoted this week the court case surrounding the estate of Ashley Servoz-Gavin. He was a merchant seamen who died without a written Will.
The news that Al and Tipper Gore are separating after 40 years of marriage is said to have come as a big shock to Americans. However, the Daily Telegraph has reported that that divorces among mature couples are in fact rocketing.
Records show that while British divorce rates are at the lowest in 26 years, among the over-sixties they are rising sharply. In 2007, 13,678 couples aged over 60 divorced, compared to only 9,052 in 1997.
Couples facing divorce later on in life are likely to have more complicated finances and it is important therefore that anyone considering divorce understands the effects of divorce law on their pension provision and other assets.
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