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Financial Advisors beware, your advice may not be covered by legal professional privilege in the Family Court

August 23, 2016

Something we commonly see as family lawyers is the way financial planners and accountants can leave their clients, and potentially themselves, exposed when dealing with matrimonial issues. Whether acting for spouses, de facto partners, their parents or business partners, the best of intentions can often lead to disastrous results.

Typical examples arise when a client tells their adviser:

  1. They are thinking, or actively planning, to leave their spouse or partner;
  2. They have entered into a new relationship, and want to make sure the new partner does not have a claim to particular assets such as a business or inheritance;
  3. They want to bring their son or daughter into the family business or farm, but make sure their child’s spouse or partner cannot get their hands on it; or
  4. They want to gift or loan money or property to their child, but make sure that the child’s spouse or partner does not get it.

Advisors want to do the right thing by their client, but advising them on these issues may be precisely the wrong thing to do. Read full article

SCF_30V9949sqB&W Sam Fahey, Principal

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