Divorce can be tricky at the best of times, but it may present even more problems where one or both parties are business owners. If you are in this position, what steps should you take in relation to the business if it now appears that divorce is inevitable?
Property Assessment
In Australian law, businesses may be treated as "property," no matter the type of business structure involved. This means that the business could be a sole trader, partnership or company but will nevertheless be treated as an asset and theoretically part of the property pool.
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Family life can sometimes be complicated. You could be getting along with other family members when something comes rocks the boat. Suddenly, you could find yourself in the middle of a storm with no idea where to turn. Perhaps you are facing an unwanted divorce. Maybe you need to fight for custody of your child. Maybe the circumstances are happier, and you are increasing the size of your family through adoption.
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If you run a business venture, then interaction with members of the public is inevitable, making it highly appropriate to invest in a public liability policy. As a subset of the broader construction insurance that covers claims from third parties, public liability insurance covers you from accidents to damage to property or accidental death that may arise from interaction with your business. Outlined below are the important benefits of the policy to your business.
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Did you know that a local council can sometimes have a direct say in how a particular piece of private land can be improved? You may understand that set rules and regulations already dictate how the community is developed from a planning permission perspective, but this is something entirely different. If you're looking to buy a plot of land, how could this affect you?
Section 173
In the state of Victoria, for example, a section 173 agreement may be in place.
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It can sound like a contradiction to suggest that you don't live in a retirement village as you would live in another type of dwelling. Physically, of course you will live just as you would in any other place. Legally, it can be a different story. When you decide to move to a retirement village, your residency in the property can differ from a traditional type of occupation—namely when you own or rent a home.
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