How can an accountant help in a family law matter?
Divorce and separation are times of enormous stress. Understandably, your first priority may not be to think about such practical matters as property, tax and superannuation.
While most people will instinctively engage a lawyer to assist them with the legal aspects of the divorce process, it is also highly recommended that an experienced family law accountant also be engaged as soon as possible.
This is especially important when the assets involved are substantial, tied up in a business or Self Managed Super Fund, or when you have a complicated business structure.
An accountant specialising in family law matters can work alongside your lawyer to untangle and safeguard your interests.
When should you get advice from family law accountants?
Consider the following statements. If you agree with any of them, or if you can't be certain of a 'no', you should obtain advice from a family law accountant.
- I don't have as close a relationship with our accountant as my partner/spouse does
- I don't fully understand our business financial accounts
- I am not directly involved in the decision making in the business
- I don't understand the tax implications of a proposed transfer of assets
- I have an interest in a Company and...
- I am transferring assets under a Family Law Agreement
- There is an option to transfer shares or transfer assets
- I have an interest in a Trust and...
- there has been a Family Trust Election for tax purposes
- there is an option to transfer control or transfer assets
- I have an interest in a Self Managed Super Fund
How can a family law accountant help?
- Explanations of the tax consequences or future implications of financial settlements
- Assessment and reporting of your financial position
- Advice on splitting superannuation or SMSF matters
- Advice on the tax implicaitons of transferring assets
What would you like to do next?
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