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.