Multi-Disciplinary Issues for Family Lawyers – a recorded lunchtime online conference

Duration: Approximately 2.5 Hours

Hear from the experts at this online conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Unravelling Trusts for Family Lawyers

The increasing use of family trusts for distribution of income has had significant consequences, with the courts more regularly having to consider trusts in property settlements. This session will provide practitioners with guidance on key elements in family trust arrangements and the risks of improper behaviour by trustees and beneficiaries, including:

• Basic trust principles and what to look for in the trust deed
• What the financial statements and returns of the trust will tell you
• Is it an asset or a financial resource? In what circumstances does the court have the power to deal with the trust assets
• Who controls the trust assets?
• Key issues in control including:

• Distinguishing legal control and effective control
• Sham trusts and mere puppets
• De facto control

• When can the court restrain a person from acting against the interests of a beneficiary?
• What can be done when a trustee is not a party to the marriage but may lack independence?
• Should the trustee be joined as a party to the dispute?
• What is the ability of the court to make orders in relation to third parties?
• Relevant cases and examples

Session 2: Mind the Tax on the Way Out: Tax and Family Law Settlements

The increasing financial complexities of business and holding assets directly impacts family law settlements as parties seek to unravel their arrangements. This session will provide a clear guide to family lawyers on tax implications of property settlements, including:

• Asset identification and potential impacts
• Factoring in both immediate and longer-term implications
• Capital gains tax obligations and exemptions – obtaining the best outcomes for your client
• Party interests in trusts and companies – what tax considerations apply?
• Options and consequences where one party has potential tax advantages
• Avoiding resettlement consequences in trust amendments
• Share and asset transfers in companies – determining best strategies
• Factoring in Division 7A implications

Session 3: The Impact of Insolvency on the Asset Pool

After an unspeakable year, it is inevitable that some family law clients may be staring down the barrel of bankruptcy or insolvency. This session examines insolvency and its impact on property settlements, with a focus on the new insolvency reforms. It covers:

• Property interests where one party is bankrupt:
  • Balancing the interests of the non-bankrupt spouse and creditors
  • What orders can be made in respect of property vested in the trustee?
  • Doctrine of exoneration
  • Treatment of loan accounts
• Unpacking the new insolvency reforms to support small business:
  • The introduction of a new debt restructuring process for incorporated businesses with liabilities of less than $1 million
  • Moving from a one-size-fits-all “creditor in possession” model to a more flexible “debtor in possession” model
  • Development of restructuring plans – timeframes and requirements
  • A simplified liquidation pathway for small businesses to allow faster and lower cost liquidation
  • The practical implications of the reforms for family law property settlements