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NSW Property Settlement - Can I Remove Business Value from Balance Sheet?

Discussion in 'Family Law Forum' started by euro666, 24 June 2016.

  1. euro666

    euro666 Active Member

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    We are currently in the process of getting the joint balance sheet drawn up for our assets for property settlement. My business has started after our separation. Can I get the value of my business successfully removed from the joint balance sheet, arguing that it has started after our separation and that my ex had no input ( of any kind) in this?
     
  2. fbueller

    fbueller Well-Known Member

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    May be an interesting argument to have to make. Had you physically separated?

    Be absolutely clear with yourself when you first began working on the concept of the business, because if you discussed it with your ex just once, then your ex may argue they had input.
     
  3. euro666

    euro666 Active Member

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    Good point. Yes were separated in 2011, and I started this business in 2012. I bought it from someone else and it had never come up in the past.

    On another note: My husband's girlfriend moved into our house in 2012 and has been there since. He pays the mortgage for the house and he claims that she does not contribute anything to the house, no rent, nothing. I have to pay rent for a unit currently.

    Can I claim missed rental income for our jointly owned house? I wonder if I can put that on the balance sheet. We are going end of July in a voluntary mediation session and I wonder what I can rightly claim as mine.
     
  4. fbueller

    fbueller Well-Known Member

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    One thing I picked up through (repetition) was to make sure I had things covered from most angles and that way I was sure that what I was saying was correct. To be honest I found there was more often than not another way at looking at things.

    Whether that be a painful reality check or I had stumbled across it and realised it myself happily.

    How they calculate the finances will be one thing, I got help with that, but I opted out of legal help for the bulk of it and got other support services, that showed me how to calculate it myself. In the end, I got a result I was happy with. I ended up understanding things and the legal fees stayed in my pocket.

    Don't know about the house, I think it would just go down in the split of your assets. There's the cost to you for rent and the loss.

    I learned big time about mediation the hard way that I had to prepare for it and I did act like an idiot in our first one. I ended up trying an online mediation for our second one. It was cheaper and easier to get happening. I was more prepared and learned I had to listen to my ex. I would always say that if you want to be heard you need to listen first.
     
  5. euro666

    euro666 Active Member

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    I started out with a private mediation company but my husband did not want to bring his financial records and was very vague on what he wanted to put on there. He wanted to know what I was putting on the balance sheet so he could adjust his.

    This has not changed since 2012, and so we had to go to court. Now he has loans from his family and a large credit card on the balance sheet. We also had to get his business and my business ( 2 separate businesses) valued as he put a very large value on mine and $ 0.00 on his. We sold in 2012 an investment unit and we split to profits, however I put mine in the bank, and he said he spend his. He now wants half of mine too. So any advise on how to deal with difficult to negotiate with ex partners is great.
     

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