30 Sep But it’s my Business!
No, sorry its “ours”. All property, including businesses, corporate interests and self-managed superannuation funds, whether held with others or not, are considered property for the purposes of a matrimonial or de facto settlement.
So often are we told “but (s)he said it’s their business I’m not getting anything”. This is entirely incorrect. The business interest needs to be valued and considered in any settlement discussions.
Even if the business owner retains the business, which is most often the case, it is still allocated to them in the division of assets and a balancing adjustment made in favour of the other party from the remaining assets.
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