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Apr 20, 2017
The law is fluid and often only changes when situations arise forcing an otherwise unanticipated outcome. This is a case study on businesses in Family Law compiled from a number of matters our firm has handled.
The situation: Rebecca and John have been married for 7 years. In this time, Rebecca and John have become involved in a number of businesses and trust structures in various capacities. Rebecca and John are both directors of one of these companies. When their marriage became difficult, Rebecca stopped being the director. Rebecca now has no idea what is happening with the business.
The problem: Rebecca is unhappy that she was forced out of the business and that the remaining managers have not disclosed information regarding the business. As such, she disagrees with the valuation of the business John is proposing for the property settlement. Rebecca has taken John to the Family Law Court to dispute the valuations of the businesses and other property in the pool.
The outcome: Rebecca was able to get a revised valuation of the house under interim orders.
The implication: Business and family is a tricky mix. It is important to know what needs to be determined under Family Law and what needs to be determined in other areas of law. Ultimately, the key takeaway is that Family Law is a matter of cost-benefit analysis. It is important to weigh up whether the money you spend in court is worth the money which will be brought into the property pool by a revised valuation.
If you have a family law matter, concerns about how to get a family law property settlement or questions about family law and separation in NSW and want to find out more please do not hesitate to contact us on 9688 6023 or email us at info@franklegal.com.au.
This article is provided to the reader for general information. It is not legal advice. It was written by Andrea Spencer & Emily Graham and edited by James Frank.
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