When going through a separation or divorce, one of the most common questions family lawyers receive is whether certain assets are exempt from division—particularly if they are not jointly owned with a former spouse. The reality is that, in most cases, all assets, whether individually or jointly owned, may be considered part of the matrimonial or de facto asset pool.
Understanding which assets must be disclosed and potentially divided is crucial for anyone navigating a property settlement. Below is a comprehensive guide to what is typically included in the matrimonial asset pool. However, it is essential to seek legal advice for your specific situation, as the laws surrounding property settlement are complex and subject to change.
Types of Assets Included in the Matrimonial Asset Pool
- Real Property
This includes the family home, investment properties, and any other real estate owned either individually, jointly with a former spouse, or with a third party. - Savings and Investments
Bank accounts, bonds, term deposits, share portfolios, cryptocurrency holdings, and other financial investments are all part of the asset pool. - Business and Company Interests
If either party owns or operates a business, whether solely or with others, the business assets and interests are taken into account. - Trust Interests
In some cases, trusts in which one or both parties have an interest may also be considered as part of the asset pool. - Motor Vehicles and Other Vehicles
This includes cars, motorcycles, boats, caravans, bicycles, and any other vehicles owned by either party, regardless of whose name they are registered under. - Gifts, Inheritances, and Compensation Payments
Depending on the circumstances, gifts, inheritances, and personal injury compensation may form part of the asset pool and be subject to division. - Furniture, Household Items, and Jewellery
The division of household goods, furniture, and valuable personal items such as jewellery is also considered during property settlements. - Superannuation
Superannuation is treated as property in family law matters and is subject to division between parties. The method of division depends on various factors, including the length of the relationship and each party’s financial circumstances.
How Are These Assets Divided?
The division of matrimonial assets depends on multiple considerations, including:
- Whether either party owned significant assets before the relationship commenced.
- The financial and non-financial contributions made by each party.
- The future financial needs of each party, including their income-earning capacity, health, and care responsibilities.
Each case is unique, and upcoming amendments to the Family Law Act 1975 may impact how property settlements are determined. Seeking professional legal advice ensures that you understand your rights and receive a fair outcome.
Need Expert Legal Advice?
If you are navigating a separation and need assistance with property settlement, contact Family Focus Legal today. Our experienced family lawyers can guide you through the process and ensure you are well-informed about your rights and obligations.
📞 Call us on (02) 4655 4224 to arrange an initial consultation and take the first step toward securing your financial future.
