In a previous blog post about how assets are divided in a divorce property settlement, we touched on the concept of the relationship property pool. Now we take a deeper look at what goes into the property pool.
All property of the relationship is considered part of your ‘property pool’. The net asset pool is the sum of all your assets, less the sum of all your liabilities.
Real estate, including the family home
Cash in bank accounts, both joint and separate
Certain life insurance policies
Motor vehicles, boats, trailers
Household items including items of value, such as antiques or artwork
Tools of trade
Capital gain on real estate – i.e. gain in market value
Assets in business, former partnership, company
Windfalls or winnings
Debts such as mortgages, loans, credit cards, hire purchase agreements and personal debts
Property settlement and the division of assets after a divorce can be complicated, there are indeed many complex issues including superannuation, pre-marital assets, taxation, spousal maintenance, investment properties, to name a few. Given the amounts usually involved, people tend to instruct lawyers to assist them with this aspect of divorce and separation.
At Jano + Co we have experience in acting for clients who are getting divorced and we offer an affordable, fixed fee service in most property settlement matters. Do not hesitate to Contact Us or use our Automated Advisor to request our assistance.