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financial settlement


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#1 But seriously

Posted 11 September 2019 - 12:06 PM

Anyone been in the situation when sorting out a property settlement (divorce) when one party has assets jointly owned with another sibling or parent. How does that work?

#2 SFmummyto3

Posted 11 September 2019 - 12:17 PM

The assets will be valued and their share will be added to the total asset pool.

#3 But seriously

Posted 11 September 2019 - 12:23 PM

 SFmummyto3, on 11 September 2019 - 12:17 PM, said:

The assets will be valued and their share will be added to the total asset pool.

Ok thanks - could cause family ructions! Does that mean businesses need to be sold? or bought out of?>

#4 SFmummyto3

Posted 11 September 2019 - 12:28 PM

Hard to say but possibly. Valuations first then a total asset pool plus Superannuation. Percentage split to be worked out etc. Sometimes things can be negotiated to and fro. Each situation is different so best just talk to your lawyer. Costly I know!

#5 But seriously

Posted 11 September 2019 - 01:37 PM

Actually not me - asking for a friend. I suspect this could get messy. urgh

#6 PrincessPeach

Posted 11 September 2019 - 07:41 PM

 But seriously, on 11 September 2019 - 12:23 PM, said:



Ok thanks - could cause family ructions! Does that mean businesses need to be sold? or bought out of?>

Certainly can (it happened to a friend who co-owned an investment property).

#7 SM3s Fight Song

Posted 11 September 2019 - 08:46 PM

 But seriously, on 11 September 2019 - 12:23 PM, said:



Ok thanks - could cause family ructions! Does that mean businesses need to be sold? or bought out of?>

Maybe, maybe not. The value of the business would be included in the asset pool, then a percentage share applied, making your friends portion $X.  Friend could offer to take their share from other assets if available, for ie more house equity or superannuation and thus leaving the business untouched.  Or loan could be taken against the business to pay out their share.  Definitely worth seeing a family law specialist to work it out.

#8 JRA

Posted 11 September 2019 - 08:49 PM

Can get very messy. Sadly normal for many who have family businesses, including farms.

Been there, done that.




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