The net asset pool refers to the value of your relationship assets after deducting your relationship liabilities. Property is a broad term in Family Law used to describe any type of asset from cash and houses to investments and superannuation. Liabilities such as loans, credit cards and mortgages are also defined as property.
The first step in a property settlement is to identify all of your assets. This would include the house, car, furniture, jewellery and any other items you would consider of value. If you decide to take the matter to court it is essential that you openly and honestly disclose all assets. A failure to do so may result in the court favouring the other party.
Secondly, you would need to determine the extent of any liabilities such as mortgages, credit cards, tax liabilities or loans. Once you have done this, you should be able to ascertain your ‘net asset pool’ by deducting your total liabilities from your total assets.
Total Assets – Total Liabilities = Net Asset Pool
If you and your former partner cannot agree on the value of certain assets, the court can order a valuation report. All assets will be valued at their second-hand market value such as the amount they would generate if sold at a garage sale, for example.
If you are experiencing difficulties relating to a property settlement, Gleeson and Co Lawyers can help. We have extensive experience in Family Law and will offer sound advice and guidance based on your needs and personal circumstances.
Call us today on 9534 3002