A well-prepared first meeting makes your advice sharper and your matter more cost-effective, and for a business owner there is more to bring than for a standard separation. The clearer the financial picture you provide, the sooner your lawyer can map the asset pool, identify the issues that matter and advise on protecting your position, rather than spending chargeable time chasing basics.
Documents to bring
Bring the records that establish what you own and owe, across both your personal affairs and any entities you control:
- Personal and entity tax returns, and notices of assessment
- Financial statements for any companies and trusts
- Personal and business bank statements, including offset accounts
- Loan agreements, guarantees and payout figures
- Trust deeds, ASIC extracts and share registers
- Recent superannuation statements, including for a self-managed fund
Details to have at hand
It also helps to know the key dates of the relationship, the gross incomes of both partners, any inheritances or gifts received during the relationship, and the names and directors of any companies you or your partner hold an interest in. A short list of the assets and debts each of you held at the start of the relationship is useful too, because contributions at the outset can affect the final division.
Why the entity records matter
For an owner, the company and trust documents are where the real work sits. They show how assets are held, who controls them and how money moves, all of which affect how the pool is identified and valued. Organised records keep the advice precise, reduce the cost of expert reports later, and make it harder for the other side to argue that something has been left out or understated.
Questions worth asking
Use the meeting to ask how the business and other assets are likely to be treated, what the process and timeframe look like, the main risks in your position, and the likely cost of each path. Coming with your questions written down means you leave with a clear view of the road ahead rather than a general sense of the law.
If you do not have everything
You will not always have every document to hand, and that is fine. Bring what you can, and your lawyer will help you obtain the rest, including through the formal disclosure process if needed. It is better to book the meeting and get moving than to wait until the file is perfect.
What happens after the meeting
A good first meeting leaves you with a clear picture of the asset pool, the likely range of outcomes, the process from here and the cost of each option. Take notes, and expect a short list of further documents to gather, particularly around the entities you control. From there your lawyer can begin the formal steps, including disclosure and any valuations the business needs. The earlier this work starts, the more control you keep over timing, cost and the eventual outcome, and the less the matter interferes with the day-to-day running of the business. Coming prepared also lets your lawyer give firmer advice sooner, rather than hedging until the basic facts are in. Where the matter is likely to be complex, your lawyer may suggest bringing in a valuer or forensic accountant early, so the figures are agreed once rather than argued over twice. The more organised the groundwork, the shorter and less costly the road to a settlement.
As the largest team of specialist family lawyers in WA, Leach Legal helps business owners prepare properly and move quickly. Book a consultation and bring what you have gathered.
