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:
- Houses or real estate including investment properties
- Other vehicles including motorcycles, boats, and farming equipment
- Caravans and camper trailers
- Pets, livestock and other animals
- Money held in bank accounts
- Tools and equipment
- Debts of any business
- 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