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What assets and debts are included in a family law financial settlement?

October 11, 2021 By Morgan Couzens Legal

The first step to a family law financial settlement is to work out the asset pool. 

The asset pool takes into account all sources of income, all assets and debts, superannuation and any financial resources. This will include any of the following:

  • Businesses
  • Houses or real estate including investment properties
  • Land
  • Cars
  • Other vehicles including motorcycles, boats, and farming equipment
  • Caravans and camper trailers
  • Pets, livestock and other animals
  • Money held in bank accounts
  • Shares
  • Tools and equipment
  • Debts of any business
  • Mortgages
  • Any personal loans
  • Any car, motorcycle, boat or other vehicle loans
  • Credit cards
  • HECS/HELP debts
  • Afterpay, ZipPay debts or any other debts to similar services
  • Hire/purchase arrangements such as Radio Rentals
  • Debts to family members

This is not an exhaustive list. If you are unsure whether something is ‘property’ for the purposes of a family law financial settlement, you should seek legal advice specific to your circumstances.

We can assist you if you have any questions about working out the asset pool.

MORGAN COUZENS LEGAL

 


The information provided in this blog is produced for guidance purposes only and is not legal advice. The information contained in this blog is based on the current state of the law at the time of writing. The law may have changed since this blog was written.
Morgan Couzens Legal does not accept liability for any loss or damage arising from reliance on the content of this or any blog produced by Morgan Couzens Legal. Liability is limited by a scheme approved under Professional Standards Legislation.
Legal advice should be sought for your individual circumstances. For advice tailored to your individual circumstances, please contact us by telephone on (03) 5722 4681.

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