It is common in many relationships that partners divide up responsibilities and roles, sharing the burden of duties like managing finances. However, as partners separate, all the parties’ assets and liabilities are brought to light. It may come to your attention that your partner has an interest in a business of which you were unaware. Or, you may know that your former partner has business interests, but are unsure of what interests they have.
Although disclosure is court ordered and there are many different legal ramifications from not disclosing all your assets and liabilities, some parties still attempt to conceal their interests. If you believe that your former partner has an asset that they have not disclosed, your lawyer may be able to help you uncover the details of the suspected asset.
With your former partner’s full name, it is possible to search through the LPI (Land and Property Information) database and/or Australian Securities and Investment Commission database to discover your former partner’s assets. Once these assets are discovered, it is possible to determine the extent of your partner’s interest in the business and whether you have been listed as a director or shareholder without your knowledge. Further, it is possible to discover exactly what your former partner’s interest is in the 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 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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