We've Separated - What about the business?

      By Julie Bligh, Special Counsel.

      You've spent years building up your business.  Now you and your partner have separated, and you're worried you might lose everything you have worked for. 

       

      How can I protect my business?

      It’s in everyone’s best interests to make sure the business keeps running.  If emotional fallout from separation damages the business or its reputation, everyone will suffer financially.

      The difficulty is, not everybody is thinking clearly.  So what happens if your former partner is doing things that are causing damage to the business? 

       

      How specialist advice can help

      We can assess the risks with you and then recommend immediate steps to protect the business operation.  In very serious situations, that may include filing an urgent application with the court to get the protection of a restraining order.

      Often, however, we can recommend practical steps that can make a real difference immediately.  Your former partner may not accept what you are saying about the impact their behaviour will have, but they may listen to someone else. 

      If your accountant is trusted by your former partner they can play an important role in discussions.  Talking with the business accountant, who your partner trusts and sees as independent, may help them see how their behaviour will damage everyone - including themselves - financially. 

       

      There is risk, but also opportunity

      Family law property division creates opportunities to restructure.  There may be significant tax benefits to you and your business. Conversely, it creates risks of taxation consequences so advice from your accountant early on is very important.

      If your accountant is not already involved, it is a good idea for us to have a meeting with you and them.  We can discuss what’s been happening with the business and how you might restructure as part of the family law process. 

      If you are faced with this situation the sooner you act to deal with any conflict and destructive behaviour by your former partner, the better.

       

      Julie Bligh is an Accredited Family Law Specialist who can advise you in this situation.  We also have Accredited Specialists in Property and Succession Law.  Our specialists can work with you and your accountant to restructure your business and personal affairs in the event of a relationship breakdown.

      Contact Julie to arrange a fixed fee initial consultation: julie.bligh@cosu.com.au

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