Australian Family Law:
7 Things to Consider When Splitting Business Assets When Separating
When a couple decides to separate or divorce, dividing the business assets can be a complex and challenging process, especially if one or both parties are actively involved in the business. In the realm of Australian family law, there are specific considerations to keep in mind when dealing with the division of business assets. Here are seven key factors to consider during this sensitive time:
Business Valuation:
One of the crucial steps in splitting business assets is determining the value of the business. This valuation can impact how the assets are divided between the parties. This is when you will want your lawyer to have knowledge in both business law and family law matters.
Direct and Indirect Contributions:
It's essential to consider both direct and indirect contributions made by each party to the business during the relationship. This may include financial contributions, physical labor, or even emotional support.
Future Needs:
The court will also consider the future needs of both parties, including their earning capacity, health, age, and financial resources, when determining how to divide business assets fairly.
Tax Implications:
Splitting business assets can have significant tax implications for both parties. It's advisable to seek advice from financial and legal professionals to minimize the tax consequences.
Existing Agreements:
If there are any existing agreements such as a prenuptial agreement or a binding financial agreement regarding the business assets, these documents will influence how the assets are divided.
Children's Interests:
If children are involved, their interests and well-being will be a top priority. The court may take into account how the division of business assets can affect the children's living arrangements and financial support.
Legal Assistance:
Given the complexities involved in splitting business assets during a separation, seeking advice from an experienced business and family lawyer will be crucial. Sherri Gullickson has worked with Accredited Family Law Specialists, and specialized family law firms working on high value property matters, complex parenting and superannuation splits and is a business lawyer assisting client on the purchase and sale of their business.
Navigating the division of business assets during a separation can be emotionally and legally challenging. By considering these seven factors and seeking the assistance from guidance from a lawyer such as Sherri Gullickson, may give individuals a better chance of working together towards a fair and equitable resolution to their settlement.
Call today and Sherri can provide personalized advice based on your situation and ensure your rights are protected throughout the process.
Get in contact with our office today (07) 3397 99 22 or sent us an email to arrange a free 30 min consult with Sherri today
Please note that this information is provided as general guidance and should not be construed as legal advice. It's recommended to consult with Sherri Gullickson for advice specific to your situation.