Family Law Insider | August 2021

 

Family Law Insider

 
With Australian financial markets surging ahead to all-time highs, it highlights the disparity between financial markets and underlying economic strength given parts of Australia are still feeling the effects of continued lockdowns. 
 
With the increased use of private companies to hold wealth or operate businesses, parties in family law property settlements are likely to find themselves in unknown territory when splitting the asset pool. Our resident tax expert, Tracey Dunn outlines the tax consequences and things to look out for when getting money out of corporate structures.
 
The family home is often one of the main concerns when someone faces the prospect of going bankrupt. This can have added complexity when the family home and bankrupt party is involved in a family law matter. Below, Shannon O’Connor discusses what happens to the family home when a person is becoming bankrupt.
 
Obtaining business valuations can be a tricky exercise if limited information is provided. Andrew Clifford has provided a handy checklist of information that a business valuer would ideally need to know before they can provide an accurate quotation that would benefit all parties.
 
In June, the Family Law team in Perth hosted a financial planning and separation lunch where Sam Hughes walked a group of Family Lawyers through a case study of a client who they provided financial services too during a separation. The case study highlighted the value of having a professional team around them to assist in making the best decisions for their future.
 
Staying on the trend of financial planning, going through a marital breakdown can be a difficult time for both parties. This edition’s article by Evan Tsipas, identifies the four key pillars of a financial plan and how they may need tweaking following a separation. 
 
We hope you enjoy this quarter's edition of the Family Law Insider.
 
The Family Law Team at RSM
 
 
The Family Law library
NEW RSM ARTICLES
 
Family law property settlements extracted from private companies can trigger significant and unexpected tax issues. If you have clients who are considering extracting wealth as part of a negotiated settlement, specialist tax advice on the possible consequences is a must. 
 
Financial planning is about developing strategies to help clients manage their financial affairs and meet their life goals. This is especially important for clients who are experiencing a marital breakdown as their financial situation and life goals can significantly change. Read more ➜
 
One of the main concerns a person has when becoming bankrupt is “what will happen to the family home?”. The Trustee will assess the bankrupt estate’s interest in the property.
 
We are often approached by phone or e-mail and asked to provide a business valuation quote with limited information on which to provide our quotation. We have compiled a list of all the information that a business valuer would ideally need to have on hand to provide an accurate quotation.  Read more ➜
 
Divorce is the equivalent of a tornado splicing through the foundations of the best laid financial plan. We have outlined the four key pillars or the foundations of a long-term financial plan and discuss how these may require reconstruction from the ground up. Read more ➜
 
 
UPCOMING EVENTS
 
Assets and Family Law During Separation webinar
Wednesday, 29 September 2021
11:00am - 12:00pm AWST
1:00pm -  2:00pm  AEST
 
When it comes to separating, no two cases are the same. Some clients will have assets that they are looking to grow or protect, while others may be under financial hardship and considering engaging an insolvency specialist.
 
Join the team at RSM to learn how you can get the best possible outcomes for your clients during separation.
 
Visit our event registration page for more details.
 
 
The Family Law Team at RSM
LET'S HAVE A CHAT
Be part of of the conversation
By marshalling all the individual specialists typically involved in the successful settlement of family law matters into one national team, RSM offers family law practitioners, from firms big or small, an alternative end-to-end service that could potentially deliver superior client outcomes.
 
If you would like to learn more about our specialist family law services or would like to speak to one of our dedicated team members near you, please get in touch today.
 
Have a question? Get in touch today.

 

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