Welcome to second podcast of our series of podcasts which seek to provide some direction for those people whose relationships have broken down and who either own or operate a business or who hold an interest in a business. If you missed it, the first podcast is here
The podcast series is a discussion between Dan Buckley, Director, Best Wilson Buckley Family Law and Craig Harrison, Associate Director at Business Depot and Michael Garrone, Director, Property Expert, Head of Tax and Head of Superannuation for Business Depot.
Today’s podcast focuses on some of the key issues that we consider business owners need to aware of in formulating or considering proposals for property settlement. By way of background, once the value of the net matrimonial assets has been established, the process we follow towards our client’s property settlement is to:
1. Given client’s advice about their likely property settlement entitlements (most likely on a percentage basis) – this is based on a range of factors including the contributions made by
each of them; and
2. Work out the most effective property settlement for the client based on the value of the assets, the species of asset (eg super v non-super, income producing v non-income producing) and
the range of property settlement entitlements.
It is here where we need your help John and Michael.
What sort of issues should business owners be aware of in providing their instructions to their family lawyer about their property settlement?