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Welcome to RSM's Family Law Insider for 2022.
A quarterly publication providing critical and timely insights for family law professionals.
Happy New Year and welcome to our first edition of the Family Law Insider for 2022.
We have some fantastic contributions this edition to kick off the new year.
Nadine Marke and Steph McAuliffe discuss the pitfalls of garbage information in business valuations, garbage in = garbage out.
Shannon O’Connor addresses some important points about the payment and receipt of child support in bankruptcy, a must read for those dealing with bankrupt clients in a family law matter.
Sam Hughes discusses the benefits of superannuation and how it can be effectively utilised in family law settlements including some important legislative updates.
Our tax team have also put together a list of the main issues to consider when negotiating tax-effective settlements which is important to consider when negotiating and protecting the agreed settlement.
We also have the first in our webinar series by the wonderful Katie Timms “Understanding the Superannuation Financials – Members, Tax, Assets – huh?” on Thursday the 31st of March.
As usual, Katie has a fantastic presentation prepared, it will be well worth registering for.
Happy reading, we hope you enjoy this edition!
The Family Law library
Reliance on management accounts for valuations
By Nadine Marke & Stephanie McAuliffe (6 min read)
A valuation is the estimate of the price at which an asset would or should change hands between two well-informed parties.
The quality of the valuation output is a product of the quality of the financial information provided, or in other words, garbage in equals garbage out.
The effects of bankruptcy on child support
By Shannon O'Connor (2 min read)
Most formal child support arrangements fall within the definition of a maintenance agreement or maintenance order as defined by Section 5(1) of the Bankruptcy Act 1966 (Act).
It is therefore important for both parties to a formal child support arrangement to understand their rights and the implications of bankruptcy on child support debt and payments.
Superannuation Contributions and Separation
By Sam Hughes (5 min read)
Superannuation could be an important vehicle for couples who have been through a financial separation.
Despite frequent changes to its governing rules, superannuation remains, for most people, a tax-effective environment in which to save for retirement.
Spotlight on: Tax Effective Settlement (2 min read)
Prior to finalising the settlement of property, it is important that all superannuation and tax complexities associated with structuring property settlements are addressed.
This ensures that parties don’t find themselves with surprise tax outcomes or a smaller than expected share of the asset pool.
It is important to identify the most tax-effective manner to facilitate and protect the agreed settlement.
Family Law Webinar: Understanding the Superannuation Financials
Superannuation remains one of the most complex structures to understand, combining tax, trust and often company laws to consider.
For many, hidden within superannuation financials and member statements are complications, mistakes or sometimes opportunities.
RSM’s superannuation expert Katie Timms hosts Understanding the Superannuation Financials, a webinar created especially for Family Lawyers, to help you further understand the complexities of superannuation in family law matters.
LET'S HAVE A CHAT
By marshalling all the individual specialists typically involved in the successful settlement of family law matters into one national team, RSM offers family law practitioners, from firms big or small, an alternative end-to-end service that could potentially deliver superior client outcomes.
If you would like to learn more about our specialist family law services or would like to speak to one of our dedicated team members near you, please get in touch today.
