The law is fluid and often only changes when situations arise forcing an otherwise unanticipated outcome. This is a case study on partnerships in Family Law compiled from a number of matters our firm has handled.
The law is fluid and often only changes when situations arise forcing an otherwise unanticipated outcome. This is a case study on transferring property to loved ones which our firm has dealt with in the past.
Disclosure (noun): a process whereby both parties to a family law property settlement are required to exchange all information and documentation relevant to their financial circumstances.
In our experience, the biggest stumbling blocks in family law property settlements is not deciding which party gets the business or how the business should be divided. The biggest stumbling blocks are deciding who should value the business and, by extension, what the business is actually worth.
When two people separate, they must unravel more than just their personal lives – they must also unravel their financial, social and even professional lives. But how does that work with family businesses? This article is part two of a two-part series which discusses property settlements and family owned businesses. This article addresses the situation where you brought a family business owned by your parents to the relationship.