Divorce, by its very nature, is always a difficult and emotional journey. While children and money are high on both parties’ (spouses and civil partners) agendas, tax is also an important consideration.

Numerous tax issues may affect each party’s wealth before and after separation and divorce.

The first step in a separation is to calculate the value of assets held by each party, net of any liabilities that accrued during the marriage or civil partnership, according to a series of rules with which your solicitor will be familiar.

The resulting net assets are then divided between the parties. Assets such as property or shares in family companies may need specialist valuations.