Many families are increasingly using more complex structures such as partnerships, companies and trusts to manage and protect their wealth often as part of succession planning for their children’s future.
Tradie’s, farming families and family business owners in particular are all using them.
These arrangements have special issues that need to be addressed when a marriage breaks down including:
- Tax hits for the unwary – you could lose up to 50% of an assets value.
- Assets being hidden so that they aren’t included in family law proceedings.
- Family members or business partners getting dragged into family court proceedings between the husband and wife.
It takes a long time and a lot of hard work to build up these assets and you don’t want to see everything you have worked for come apart in the event of a marriage breakdown.
To best protect your family’s future you really need to get specialist advice.
Don’t you be the one to receive a nasty surprise when it’s all too late.