Property Settlement
3. What is property?
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 22 Sep 2015
- In a property settlement you need to divide up your assets and your liabilities. It does not matter if they are in your name, the other party’s name or both your names.
- Assets include:
- real estate;
- vehicles including:
- cars;
- boats;
- motorbikes;
- caravans.
- money including:
- cash;
- bank accounts;
- investments;
- trust accounts; and
- debts owed to you.
- superannuation;
- business interests;
- personal property; and
- prospective entitlements:
- This can include assets left to you in a will by someone who is still alive. Whether this will be taken into account is complex and you should get advice from an experienced family lawyer. You can look for one near you in our free Find a Lawyer directory.
- Liabilities include:
- debts (money owed by you);
- loans;
- mortgages; and
- tax or stamp duty owed.
- It is essential to make a list of all the things in your joint asset pool so that you are both clear about what needs to be divided up.
- It is also a good idea to collect valuations and receipts for major assets if you and your ex-partner are likely to disagree about how much the assets are worth.
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