Traditionally when one is contemplating divorce, a family lawyer would usually be the first port of call in terms of advisers. However, according to Menzies’ private client tax director Sehjal Gupta, clients need to also consider turning to their accountants who already have an insight to their client’s financial affairs and are a natural point of contact to turn to at an emotionally and financially trying time. In addition, they are able to recommend a course of action that is likely to be beneficial from a tax perspective.
Ms Gupta, who joined Menzies as a tax director in September 2019 from RSM, having previously worked at Lancaster Knox and before that Rawlinson & Hunter for 12 years, told eprivateclient that divorcing clients need to “understand that when it comes to asset-splitting, tax has a significant impact on the financial settlement amounts. We work closely with lawyers and other professionals on divorce cases but often we find that if clients had come to us sooner, there could have been simple planning points which may have been helpful to them and their overall financial position.”
Ms Gupta explained that areas that clients should focus on when going through a divorce are ones such as tax, forensics, income sources, valuations and wealth planning, “Menzies has experts in all these areas all under one roof, working collaboratively with each other to do the best for our clients”
“Divorce is undoubtedly a testing time; emotionally, financially and mentally and I cannot emphasise enough the importance of having the right advisers and in effect ‘the dream team’ in place to help in making the whole process easier to deal with.” Ms Gupta said.
Ms Gupta, whose remit when she joined Menzies was to focus on increasing work within its niche divorce and advisory functions and advising non-UK domiciled individuals and international HNWI, many of whom are intending to move to or from the UK, suggested that “as accountants, we often have more longer-term relationships with our clients becoming their trusted adviser over time. We not only understand the numbers and have experience in analysing financial information and advising on planning for the future, for example the future needs of children such as education and tax planning around inheritance but we also have an understanding of the family dynamics.”
“At Menzies everyone genuinely cares about their clients and we are in the position where we can make a difference and do the right thing by them,” Ms Gupta said, adding that the firm was confident that “with the vast network of lawyers the firm already works with, the team can assist in ensuring clients are working with family lawyers that are most suited to their requirements and have a team around them that will place them in a better position in every way going forwards.”