When considering property, section 4(1) of the Family Law Act 1975 (Cth) defines property as ‘the property to which the spouses are entitled, whether in possession or reversion (expecting to receive an inheritance)’. Property must be identified as at the date of the hearing, not the date of separation. Furthermore, in the case In the marriage of Duff, property consists of ‘all possible interests’ of the parties. In identifying assets and determining the net asset pool, liabilities must also be taken into account (read more).
However, some distinction in assets is made between ‘property’ and ‘financial resources’. The difference between the two lies in their alienability- property is alienable (capable of being sold or transferred) and financial resources (and sources of wealth) are not alienable.
The only types of property which are included in this particular step are real and personal property interests and choses in action (a bundle of rights). Property assets include superannuation, shares in a company, and tangible property, including houses and personal possessions.
In recent times, superannuation has been dealt with via the two pools approach, where superannuation is listed as a separate pool to all other property.
Valuation is also an important part of this step. It is only required if property assets are required to be sold in order to divide their value between the parties. For a recognised valuation, the opinions of expert witnesses are required.
It is important to demonstrate full and frank disclosure when identifying and declaring assets in order to avoid the court exercising its discretion in favour of the other party due to dishonesty on your part. Read more
How can Prime Lawyers help you?
At Prime Lawyers we have family lawyers who are experienced in identification and valuation of assets. We will assist you in the disclosure of your assets whilst ensuring that all assets of the other party are correctly disclosed. If necessary, we will employ experts to assist in identification and valuation of assets to secure the best result for you.