Family 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.
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.
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.
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 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.