Career assets are taken into account when there has been little accumulation of property by one spouse, however, that same spouse has obtained a valuable qualification, whilst being supported by the other spouse. The spouse without the qualification can be awarded payments due to their (for example) extra duties around the house and looking after kids.
Career assets are considered to be more of a financial resource, however they are quite difficult to value, as different qualifications can take different amounts of time to complete, and not all are guaranteed to lead to high paying employment, or any employment at all.
If a spouse is a partner in a company, such interest is usually considered property. However, it was found in the case of B and B (2000), that partnership interests are inalienable (non-assignable chose-in-action-- a personal right of the partner). Even if this was not the case, there may be provisions in partnership deeds which prevent interest being transferred to a third party.
Prospective long service leave and redundancy payments do not amount to property, unless payments of redundancy have been received, or if a sum of money has been received in lieu of long service leave.
Companies of spouses constitute a separate legal entity to its directors and shareholders. Shares in a particular company directed by a spouse can be included in the property pool, but property owned by the actual company cannot be included. Shares in any public or private company can be included within the asset pool as property.
How can Prime Lawyers help you?
Property settlements can be very complex. At Prime Lawyers, we have a number of family lawyers who are experienced in division of property and declaration of assets. Our family lawyers will carefully examine your case, and assist you in the division of your property. They will advise you on which assets are required to be declared, and how, whilst ensuring that the best possible outcome is achieved for you.