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