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Changing Existing Parenting Orders

Once final parenting orders are made in family law proceedings, they can only be changed with the assistance of your child custody lawyer in specific circumstances, including:

  1. where the parties agree to a change, or
  2. where a party can show that there has been a significant change of circumstances that makes a change necessary.

The Court will generally not “reopen” parenting proceedings that have been finalised to change parenting orders, unless there is a good reason for doing so and it is in the child or children’s best interest.   Continuing litigation about parenting matters is generally not considered to be in the best interest of the children, or the parties.

A recent decision of the Full Court of the Family Court of Australia determined that there was a change in circumstances that warranted a change to existing final parenting orders.

In Shan & Prasad (2020) FLC 93-980, final orders provided for the father to spend no time with his children.  The father applied to vary the orders.  The trial Judge found that there was no sufficient change in circumstances (in accordance with the rule Rice v Asplund (1979) FLC 90-725).
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The Basics of What Your Exs Company is Worth: The Balance Sheet

One way to determine what you or your former spouse’s company is worth is to instruct your divorce lawyer to engage a single expert valuer to put a dollar figure to the value of the business. Your divorce lawyer will then instruct the valuer to analyse the company’s financial statements among other things to determine the value for the purpose of your family property proceedings.

A company’s financial statements are made up of the following:

  1. Balance Sheet
  2. Profit and Loss Statements (Or Income Statement)
  3. Cash Flow Statement

 

The Balance Sheet

The balance sheet is a snap shot of a company’s accounts. It provides at a glance what the company owns and is owed. It can give an indication of the financial position of the company at a single point in time.

The balance sheet depicts a company’s assets, liabilities and owner’s equity (net worth). Assets include cash, office equipment eg chairs and desks, all inventory and accounts receivable which refers to people who have bought from the company but have not yet paid.  Non-current assets are also listed under assets which include the building and land, goodwill, patents and copyright.

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