FamLaw: Family Law & Business. Like peas in a pod.

You may be wondering why we have dedicated a whole month to examining family law and businesses. After all, aren’t you supposed to keep work at work and home at home? Well, in the context of a family law separation, no.

The simple answer is that if you own a business and are going through a family law separation, the business will greatly affect your position in a property, parenting and/or child support matter.

Even if you are not going through a separation – if your business partner is going through separation or one of the company’s key shareholders or stakeholders are going through a family law property settlement – it is prudent to obtain advice for your business.

It is crucial to understand what rights and responsibilities the business has with respects to the property settlement and to see how the ownership structure of the business may change going forward.

It is important to consider your business when going through a property settlement because a business will affect a family law property settlement in 2 main ways:

1. It will be considered an asset – and increase the size of the asset pool;

and/or

2. It will be considered a financial resource – and increase your capacity to earn an income

Throughout the month of July, we will be considering the issues arising from business ownership and its interaction with family law property settlement.

However, the most important thing to remember is that if there is a business – it must be considered in the property settlement and accounted for.

As a result, it is best even if you are negotiating with the other party yourself, to obtain independent legal advice regarding how the property settlement will impact your business.

If you have a family law matter, concerns about your family business or questions about family law and separation in NSW and want to find out more please do not hesitate to contact us on 02 9688 6023 or email us at jfrank@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.

Family Law Property Settlement, Family law, family lawyers, Family Business, Small Business, separation