Downing Street has confirmed prime minister Theresa May will trigger Article 50 on Wednesday 29 March, starting the process of the UK leaving the EU.
It is expected to take up to two years to complete the withdrawal, but the road ahead remains unclear, with many anticipating that it could take much longer.
No state has ever left the European Union before, and the rules for exit, contained in Article 50 of the Treaty of Lisbon, are brief.
After Article 50 is triggered, the Treaties that govern membership no longer apply to Britain, and the terms of exit will then be negotiated between Britain's 27 EU counterparts, with each having a veto over the various conditions.
It will also be subject to ratification in national parliaments across the EU.
The news comes after the Institute for Government warned this weekend that parliament may have to scrutinise up to 15 new bills to deliver Brexit, which would leave precious little time for other matters.
The think tank warned this is likely to place a huge burden on parliament.
'The legislation required for Brexit will leave little parliamentary time for anything else - and making a success of it will require a large volume of bills and secondary legislation to be passed by Parliament against a hard deadline,' IFG director of research DR Hannah White told BBC Radio 4.
While UBS Wealth Management expects negotiations to be difficult, it noted that it is in everyone's interests an amicable solution is reached.
'Our expectations is that the negotiations will be long and difficult, but that it is in both sides economic interest to strike an amicable agreement,' the UBS Wealth chief investment office said.
'Moreover, it is likely that some form of transition or implementation period is brokered in order to smooth the path as the UK draws to a close its 40- year membership.
'However, the risk that no deal is agreed is appreciably high, moreover, there is a decent likelihood that the success or failure of the talks will not be known until the very last minute.'