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Family Business Lawyers Newcastle & Central Coast
Ensure you get what you deserve when the family business is part of your Family Law Property Settlement by speaking with Newcastle’s Number 1 Family Law Team.
Overview
When negotiating and/or litigating a Family Law Property Settlement, all assets and liabilities of the parties (irrespective of how they are owned) form part of the balance sheet or ‘property pool’.
The family business, whether it is owned by one party solely, jointly, as part of a partnership, company or trust structure forms part of the property pool and the Court is able to make Orders for the alteration of the parties interests in the business.
Our Family Lawyers work with our sister firm Roberts Legal who are expert Commercial Lawyers, when a family business is part of a property law settlement. This allows us to deliver exceptional assistance when it comes to a Family Business in a separation.
We are highly specialised in Business Structuring including asset protection and tax minimisation using ownership protections, Family Trusts and SMSFs and provide expert knowledge in these aspects of a Family Law property division.
We take steps to ensure that the Family Business continues to operate smoothly during separation including that everyone continues with their proper role and that income is fairly shared.
We help you to make sure that the proper value of the business is taken into account during a property division to make sure that the division of assets is fair.
We know how and what financial information to get to protect you.
Financial Disclosure
Under the family law rules, each party to a Family Law Property Settlement has an obligation to provide full, frank and financial disclosure of their financial interests. This obligation of disclosure extends to any business interests the parties might have. You will need to provide your ex-partner with business documents such as any trust deed, shareholders agreement, BAS statements and financial statements.
During our Smart Start appointment we will talk you through the documents you will need to exchange and will seek your authority to liaise with your accountant so that this task is less daunting for you!
How is the Business Valued?
Because the family business forms a part of the property pool, it is important that you know its value.
Simple business structures such as those operating as a sole trader can be relatively simple to value, however as business structures increase in size and complexity the nature of the business valuation becomes more complex.
If you or your spouse intend to retain the family business, we will link you with expert business valuers who will conduct a formal valuation of the business.
How We Charge
We offer flexible fee structures and payment arrangements for our clients including:
- A once-off fixed fee initial consultation to get you started in Family Law,
- Hourly rates or negotiated fixed fees for each stage of your matter.
Our Family Lawyers will discuss our fees and charges with you and will provide an estimate of the fees and charges likely to arise in your matter.
Family Law Smart Start Guide
Marriage or relationship breakdown is one of the most stressful life events that you will encounter.
Our unique and exclusive Family Law Guide contains important information to help you take control and make a fresh start after separation.
Download your copy today!
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