Nicholes Family Lawyers is experienced in advising multigenerational family businesses when considering family law advice. As we know family businesses are often complex and political, requiring a family lawyer who can not only digest complex family structures but is also sensitive to the challenges of a family business and family stakeholders.
Some of the key differences we notice with our family business clients include:
- An understanding that in a family business the line between family and business is often blurred.
- Due to the family business environment complete business records and minutes of meetings are not always maintained.
- The predominate concern from parents in a family business is to protect the family wealth.
- Often serious discussions including separation would need to include multiple family members as they have a joint vested interest in the business.
Understanding these differences are critical to provide sensitive, practical, responsive, and commercially astute advice to a family business.
It is our experience that family law advice is not often considered through the journey of the family business and when it is considered it may be too late. This can often expose past generations hard work and sacrifices made to accrue family wealth and reduce the wealth transferred to the next generation. Asset protection is the main agenda of our family business clients, we often partner with estate planning lawyers to deliver our client’s needs.
Some of the asset protection strategies we can provide a family business include:
- Discussion and advice to the next generation of family coming through the business on family law risks and future relationship pitfalls.
- Preparation of Binding Financial Agreements to keep the wealth in the family and safe from opportunistic partners and spouses.
- Consulting with external estate advisory in the establishment of testamentary trusts.
- Facilitate discussions between cross generational family members regarding the intersection between financial planning and family law.
- Any other family law matter that may impact your business.
Our firm has had a long and active association with Family Business Australia (FBA) and share the commitment to the success and evolution of the family business community.
Whilst all of our lawyers are experiences in family business our Partner Nadine Udorovic and Senior Associate Kate Bell are both members of FBA and have worked for complex family businesses. When you grow up talking family business around the dinner table it provides for a unique level of understanding and appreciation for the commercial reality of family businesses.
If you are a small or first generation family business through to a multigenerational large family business with a family office we can assist, please reach out to us to arrange a consultation.
Helpful and relevant links
Family Business Australia
Episode 4: Australia’s Economic Response to COVID-19: in conversation with Trevor Dymond
Episode 9: The effect of COVID-19 on Business Valuations in Family Law
The Effect of COVID-19 on Business Valuations:
Managing Partner Sally Nicholes has presented to key stakeholders in Family Business Law, such as Commonwealth Bank and Westpac. In these presentations, Sally has informed these bodies of the intersection between Family Law and commercial realities, including managing the interest of high wealth clients with associated Family Businesses.
Family Business Operating or investing Internationally
When a family business extends its reach past domestic into the international market it often results in multiple international laws and jurisdictions to be considered. We have a dedicated international practice group to address these concerns and provide advice on the international complexities of the family business. Further information about our international practice group can be found here https://nicholeslaw.com.au/our-expertise/international-family-law-dispute/