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In this video, Accredited Family Law Specialist, Bruce Provan discusses how to protect your business in a family law dispute. In Queensland family law disputes, protecting your business interests is a critical consideration. The Family Law Act 1975 (Cth) governs the division of property, including business assets, in the event of relationship breakdown.
To safeguard your business, proactive measures are essential. Firstly, consider implementing a Binding Financial Agreement (BFA), also known as a prenuptial or postnuptial agreement. This legally binding document can specify how business assets will be treated in case of separation.
Maintaining clear financial records and separating personal and business finances is crucial. This distinction can help demonstrate the business's value and your contribution to its growth. Regularly updating business valuations can also provide an accurate picture of the asset's worth.
In some cases, transferring business ownership to a trust or company structure may offer additional protection. However, this strategy requires careful consideration and professional advice, as courts can still consider these structures in property settlements.
During disputes, seeking early legal counsel is paramount. A family law expert can guide you through the complexities of asset division, helping to negotiate settlements that preserve your business interests while ensuring a fair distribution of assets.
Remember, each case is unique, and the court considers various factors when determining property division. Therefore, tailored legal advice is essential to protect your business effectively in a family law dispute.
Contact: www.pageprovan.com
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