Hear from the experts at this online half day conference.
You can watch it on your computer or on your portable electronic device from anywhere and you have an opportunity to ask questions during the conference via the online question portal.
Session 1: The Impact of COVID-19 on Property Settlements
As COVID-19 sweeps the globe, clients have watched the sudden and vicious decline in the value of their assets. How will this impact family law property settlements, and what should you be advising your clients to do now? This session examines the practical challenges family lawyers need to navigate in the current landscape, including:
Manage property settlements agreed to but not finalised by the parties
How to manage valuation issues with real property
Decreasing business valuations and timing issues
Navigating evidentiary requirements during uncertain times
Issues with superannuation splits
Dealing with estimations and contingencies in income information
Tips and tricks for practitioners
Speaker: Barry Berger, Partner & Accredited Family Law Specialist, Berger, Kordos Lawyers, Melbourne
Session 2: Adjusting for Future Needs in Property Settlements
The third step in the four step process that the Court applies to property settlements is to determine whether there are any special circumstances that require adjustment to the property settlement amount. Sounds simple in theory, however, the Courts’ approach to future needs adjustments can be inconsistent and difficult to predict, leading to frustrated and unhappy clients This practical session helps to demystify the process and provides a framework for considering adjustments, including:
- The purpose behind s 75(2) FLA
- Navigating the commonly – and not so commonly – argued future needs factors
- Understanding the questions the Court might seek answers to
- Calculating the adjustment – understanding the Court’s approach
- Impact of children on s 75(2) factors
- Case study: Dealing with a significant disparity between the parties’ respective post-separation standards of living
- Update on recent cases
Session 3: Unrealised Tax Liabilities and the Family Court
The Family Court often ignores unrealised capital gains tax and other tax liabilities. But does this approach result in a just and equitable outcome for the parties? Why should one party receive tax free assets and the other party receive assets with future tax liabilities that have not been taken into account? This session looks at the Family Court’s views on tax liabilities and considers the arguments you can raise to assist with obtaining a just and equitable outcome for your clients. It covers:
Should an unrealised capital gains tax be recognised by the Family Court?
How do you ‘value’ an unrealised tax liability?
Franking credits and retained profits: Are they an asset or liability?
What can you do with franking credits and retained profits.
Div 7A loan agreements: Do they make future tax liabilities invisible in Family Law matters?