Spousal maintenance can be ordered by a court or awarded by arbitrator where one person is in a difficult financial position following a separation and requires funds to be able to support themselves. Section 72 (1) of the Family Law Act provides: “(1) A party to a...
After a divorce you need to be careful when starting a business. If you do decide to start a business there are a few things you need to be aware of: If you have not already formalised any property settlement any business you start is likely to be included in the pool...
It is common for families to set up a family trust during the course of their relationship, usually upon the advice of their accountant. It is especially common for people who own their own business and they are often used to legitimately split their income in order...
Bill was the part-owner of a small business he owned and operated with his parents and other family members. The business was established by Bill's father and uncle and had operated for many years. Part of the business was a fruit store which Bill managed. Bill had...
There are no hard and fast rules about how business assets are divided in a divorce. In many cases, one person will retain all of the business assets because it has been primarily their business. But it probably won’t be straightforward. Often the other party has an...
Business Assets and Divorce, can I protect my business from a divorce? It's a question many business owners worry about when they are about to or have started going through a separation. However, for many years now it has been possible to protect business assets from...
It is common for a business valuation to include the business interests of both parties where they each have an interest in a business or the same business. Exactly what those business interests include is open to negotiation. It is often determined by the forensic...
If one or both spouses or partners owns or has an interest in a business their interest in the business will generally be included in the pool of property of the parties available for distribution. The value of the business or interest in a business can either be...
Separating from your spouse or partner when you own a business together is challenging. It can also be heartbreaking. It could be the main source of income for both of you. Both of you might want to retain the business so you have a job, an income and a purpose. So...
