Common Property which must be Divided in Your Property Settlement

Assets, Financial Resources, Debts & Liabilities to include in a Property Settlement

Each couple will have different property owned in their own separate names or jointly, based on their own particular circumstances.

Accordingly, an exhaustive list of property cannot be given, although some common examples can be listed.

It is important to make sure you deal with every single asset and financial resource as well as all liabilities and debts when considering your property settlement.

We’ve prepared separate lists of possible assets, financial resources and liabilities one or both of you may have, which should be included in your property settlement.

Examples of assets include:

 

 

• House, Unit or Land;
• Motor Vehicle, Motor Bike, Scooter, Caravan, Truck, Trailer or other Vehicle;
• Boat, Yacht, Catamaran, Jet Ski or other Water Craft;
• Household Contents;
• Bank Accounts;
• Shares, Managed Funds and similar Investments;
• Life Insurance;
• Jewellery;
• Collectables (eg. artwork; wine cellar; antiques, coin, stamp or similar collections);
• Monies owed to one or both spouses;
• Intellectual property having a market value (eg. patent, trademark, copyright);
• Entities and businesses (eg. Companies, Trusts, Partnerships, Joint Ventures, Sole Trader and other Business Interests);
• Any other asset having a value (eg. Tools of Trade, Frequent Flyer Points, Unused Annual or Long Service Leave, Machinery, Overseas Assets, Livestock, Investment Scheme).

Examples of Financial Resources include:

• Superannuation;
• Pension Interest;
• A Future Entitlement such as an Inheritance or Compensation.

Examples of liabilities include:

• Mortgage;
• Personal loan;
• Credit Card;
• Finance or Store Cards;
• Taxation Liability;
• Future taxation or other liability as a result of property settlement division;
• Other monies owed to a third party.

 

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