Often in family breakdowns, particularly where a husband and wife are part of a family business, accountants, commercial lawyers and sometimes financial planners, will be involved.
As part of this involvement, these professionals are usually one of the first to become aware about a separation or a potential separation.
Being aware of this change or potential change in a relationship early is extremely valuable, and will often be a significant factor in the financial decisions that are made once this is known.
However, it is often not until things have progressed to a stage where there is a dispute, or parties decide they want to formalise a property settlement, that steps are taken to get a family lawyer involved.
It is important to involve a family lawyer early, to provide perspective on the significant financial and structuring decisions that may be made to avoid complications and potential unintended and/or detrimental consequences when things may not be going as smoothly as they might have been in the early stages.
Likewise, it is imperative that family lawyers consult and collaborate with a party’s other trusted advisors, who have a key and in-depth understanding of a family’s financial arrangements, and can advise on the advantages and disadvantages of financial arrangements outcome both in the short and longer term.
Resolving a family law property dispute is always done best as a team of trusted advisors working together and looking at issues through the different professional lenses.
