Family law property settlements cause a division of assets, including business assets.
But there are three tax risks to consider - CGT, Division 7A, and GST.

Capital Gains
A transfer out of the company can give rise to a capital gain.  However, subdivision 126-A of the Tax Act provides relief, but only where there is either an order or binding financial agreement under the Family Law Act, and all the conditions for relief are met.

Deemed Dividends/Division 7A
Even if CGT free it is possible that the transfer of the asset out of the company can be caught under Div. 7A.  This captures payments made to a shareholder or associate where they are not otherwise taxed.  Where Div. 7A is triggered the payment is treated as a deemed dividend, but the provisions in this situation do allow for a franking credit to offset the tax.  There can be unpleasant tax outcomes where there are no or insufficient credits.

GST
While the transfer is not a taxable supply, so GST is not payable, where the asset is transferred to an individual for private use then Division 129 of the GST causes an adjustment which will require some of the input tax credits claimed when the asset was originally purchased to be repaid to the ATO.

The message is don't add to the stress with unexpected tax problems; get advice early and before agreeing to the final division of assets.