Did you know a third party family member can be pulled into a Family Court matter if there are family businesses or family assets involved?
This has occurred where parties to a marriage or a de-facto relationship have brought claims against the former spouse’s parents for a share in the family farming business, farming land or other assets held by the former spouse’s parents or held in family trusts and partnerships.
These claims are called ‘third-party claims’.
Usually, a former partner will try to argue the parents hold land or other assets on trust for their child and those assets should be divided between the child and their former partner.
These claims are usually time-consuming and involve significant legal costs regardless of the strength of the claim.
AustAsia Legal Pty Ltd can help you reduce your risk from third-party claims by:
- Preparing a Binding Financial Agreement before a relationship is commenced;
- Preparing loan agreements for loans or money advanced by parents to their children;
- Preparing employment contracts for children working in the family business; and
- Preparing agreements or terms and conditions for children working in the family business.
- Preparing detailed succession plans.
AustAsia Legal Pty Ltd specialises in acting for families that face claims in the Family Court against their family business or other business assets including family farming businesses and farming land.
If you have any questions or need more information, please call the Legal team on (08) 9227 6300 or email .
Important information and disclaimer
This publication has been prepared by AustAsia Legal Pty Ltd (ACN 123 160 476).
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 10 October 2017. Some of the information has been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.