Your Business and Divorce and How it factors into your property settlement

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Have a family business? Worried about how it is included in your divorce? This episode explores the topic of divorce and business. We cover what the court does in relation to sharing up your business between you and your ex partner. A must listen if you are going through divorce and have a small business. Lyn, a family lawyer of 35 years shares all the info you need to be aware of when you approach your divorce with a business in your property pool.

Please note this is general advice only. Please always seek independent legal advice as everyone’s situation is different. 

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You Don’t Want to Miss

• How your business gets valued to be included in the property pool for divorce

• If you were not involved in the business are you entitled to something after separation?

• What cases are relevant to family law and family businesses

• The timing of your relationship and how it effects your share of the business

• What the time and money invested in your business is valued at during the divorce settlement.

• How is the business included in the family property pool for property settlement. 

• Contributions and how it relates to your family business. 

• Is your side hustle included in the divorce?

• The basic law and how it relates to your business and your divorce.

• Family law rules on business valuations

• Business valuation issues and how to address them.

• What to watch out for in divorce and business 

• Sneaky tricks people use to avoid business valuations and how to keep an eye out and catch them out.

• Do you scale down or scale up your business before divorce?

• To buy or sell the business during divorce.

• What lessons can you learn from divorce court and your business?

• What is regarded as a short marriage?

• How do they calculate the length of the marriage in the family court?

• Do you sell the business or buy them out during divorce?

• Who gets the business in the divorce?

• Decisions you need to make before you make decisions on your business in your divorce.

• Accountants during your divorce what you need to know.

• Why you need your own accountant during your divorce.

• The case of Weir and Weir (1993) FLC 92 – 338 and how it relates to your divorce and business.

• The cast of Townsend (1994) 18 fam lr 505 and how it also relates.

 

If you need emergency help you can also contact:

• WOMEN'S SHELTER SERVICE 

• LEGAL AID

• Lifeline 13 11 14

• Mensline Australia 1300 789 978

• Kids Help Line 1800 551 800

• Aboriginal Family Domestic Violence Hotline 1800 019 123

• Relationships Australia 

• Police on 000

• DVConnect Womensline on 1800 811 811 (24 hours, 7 days a week) Note: This number is not recorded on your phone bill

• DV Connect Mensline on 1800 600 636
• National DV line on 1800 737 732.1800RESPECT 1800 737 732

Make sure you hit SUBSCRIBE so you don’t miss out on the next practical steps and guide to your divorce or de facto separation coming soon. And, if you’ve found this episode helpful, please leave a rating and a review so it can help others. Thank you. 

Please note this is general advice only. Please always seek independent legal advice as everyone’s situation is different.