We regularly write articles to help our clients and professional network so they can better understand concepts and issues surrounding the separation and divorce process.
We know that it is in our interests, and yours, for you to be aware and alert to potential issues that could affect our mutual clients.
It is for this reason that we have compiled a series of these articles as a resource.
We have organised these into four sections:
- For when your clients disclose they are about to separate
- For when your client informs you they have already separated
- For when your client is about to begin the financial settlement process
- Working together for our mutual client
We hope you find this resource helpful.
For when your clients disclose they are about to separate…
The top 5 things non-lawyers need to know about Family Law
This article, although written for accountants, is applicable to all of our professional network. It explains the 12-month rule misconception, binding financial agreements, financial disclosure obligations, third-party financial involvement and working with family lawyers.
Common ways people put themselves at a disadvantage before (or as) they separate
As professionals who often have a long standing relationship with our clients before we come into contact with them, this article outlines some ways in which you can help your clients avoid taking steps or not taking steps that can affect negotiations.
Learn what our clients should do or avoid doing, to keep their negotiations progressing as smoothly as possible.
The dangers of dealing with your divorce without a lawyer
A seemingly straightforward division of assets can become problematic, particularly when informal agreements are implemented upon only for one party to learn down the line that they may have been entitled to more. A 50-50 split for instance may seem fair initially but may not be adequate in some circumstances. This article explains what can be done to ensure all is negotiated and finalised in the short term and does not need to be reconsidered down the track whilst still minimizing costs.
For when your client informs you they have already separated…
Best Books to help cope with Divorce
As family lawyers we are always on the lookout for resources for our clients to assist them at different points in their journey. The value of books about separation and divorce is that someone going through a separation can learn and process the information in their own time, when they are ready.
Parents, Accountants & Financial Advisors: what you need to know about how child support works
How child support works is important. This article explains recent changes to legislation and what this means for parents and their financial advisors.
Why it may be a good idea for your client to get a Pre-Nup (post-divorce)
This article focuses on Amazon CEO Jeff Bezos and the value of pre-nuptial agreements for high-net worth couples.
The implication personally and business-wise is of interest here.
BFA’s as an Estate Planning Tool
Asking your clients the question ‘Have you considered a financial agreement?’ is an important one.
A binding financial agreement is one that complements estate planning services and can go a long way towards Family Court-proofing’ them as well. There are are a number of scenarios where a financial agreement can be useful in the protection of your clients’ assets.
For when your clients are about to start the property settlement process…
What I have learned over 35 years as a family lawyer
Communications between accountants, commercial lawyers, financial advisors, family lawyers and our mutual clients is central to a positive outcome. There are some key factors that minimise risk and enable a successful property settlement.
Trusts: Financial Resource or Asset/Property for Division?
There are often many misconceptions by other professionals about the treatment of trusts in a family law settlement so we have dispelled some of the myths for you.
How to keep a property sale on track during divorce
This article is written specifically for real estate agents who are working with sellers who are separated or divorced.
This article provides insights into the family law process where two sellers may have very different opinions or interests following separation or they simply don’t communicate. This article details what to ask and what to do to help make the process a little easier – for agents and our mutual clients.
Why can’t you give me a precise answer about my property entitlement?
One of the areas that people can find difficult to get their head around is the concept of being given a range of outcomes rather than a precise percentage when it comes to their property settlement entitlement, especially given that could mean a difference of hundreds of thousands of dollars of assets, or more. This article explains why a more precise answer cannot be given and explains the process in arriving at the ‘range’.
Top 5 things to consider when divorcing in a declining market
What is important to know is in Family Law, there are some very clear rules about the time that the asset pool is considered and the answer isn’t what people typically expect it to be. This article explains what to consider so you and our client can feel confident about their next steps.
How are contributions in long marriages assessed where an inheritance is received?
This article focuses on an Australian case where the initial judgment about a property settlement was successfully appealed.
Working together for our mutual client
A New Financial Year – working with business owners going through separation and divorce
For clients who are separated, there is often a rush of activity at the end of a financial year to get a property settlement finalised. For business owners going through a de facto or marriage separation, the consequences of not finalising a property settlement can be significant. This article highlights how we can work together to minimise any long-term effects.
Working together for the optimal client outcome
A way to help your clients is through regular conversations with clients and generally being aware of any actions in relation to their separation that they are considering that mean they unknowingly could be putting themselves at a disadvantage. This article was written to help identify some of the not-so-obvious issues to consider if you have a client going through or contemplating separation.
Maintaining relationships with separating couples as an accountant or financial planner
There are three main areas to consider as an accountant or financial planner that is contemplating continuing to work with both people who are separating. This article explains how you can you maintain relationships with separating couples if you have had a working relationship with both parties. It also details what needs to be addressed immediately after you have learned of your client’s separation or intended separation.
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Phillips Family Law is an award winning Family Law practice serving clients across Australia and abroad. Regardless of where you or your clients are in the decision making process, we can make you aware of the options. To discuss your situation confidentially phone +61730079898 or secure a time by clicking here.