The first step in a property settlement is to identify and value all of the assets, liabilities and financial resources that are owned by the separates spouses, or either of them, and which are available for distribution.
This is called the ‘asset pool’.
What’s included in the asset pool?
All financial resources and liabilities that you and your partner have in your sole names and joint names is included in the “pool”.
This includes the usual items of property. This includes real estate, vehicles, savings, and debts such as personal loans, credit cards and taxation liabilities.
It also includes superannuation member accounts (including interests in self-managed superannuation funds). It can also include interest that you have in a Trust, company, partnership and business.
The assets and liabilities that are held by you and your partner ‘now’ are those that are relevant. This is opposed to the assets and liabilities that were extant at separation. A situation where this often causes complication is for example where one party has incurred substantial winnings. It also includes instances where someone received an inheritance or generally acquired property since separation or divorce, as those assets are not automatically excluded from the property division.
Consideration is also given to any assets or liabilities that have been disposed of since separation. It’s also considered whether they should be treated as still being included in the asset pool for distribution, or whether some other approach ought be taken in the property settlement.
Please contact our specialist family lawyers on the Gold Coast if you would like advice on the composition of the asset pool in your case.
Common Questions & Answers
Disclaimer
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A specialist family lawyer in your area can be found by contacting your State Law Society).
