Understanding what constitutes property in family law is essential for anyone going through a separation or divorce.
Proper knowledge of what is included as property can significantly impact the division of assets and ensure a fair settlement.
In this installment of Family Law FAQs, our Newcastle Family Lawyers will help to clarify what is considered property, why it matters, and how you can protect your assets.
What is Property?
In family law, property refers to all assets and financial resources owned by either or both parties in a relationship. This includes both tangible and intangible items that have value.
Property is typically divided into categories such as:
- Real Property: This includes immovable assets such as homes, land, and buildings.
- Personal Property: These are movable items such as furniture, jewelry, vehicles, and other personal belongings.
What is Considered to Be Property?
Under the Family Law Act, the following are commonly considered property in family law:
- Real Estate: Homes, land, and any other real estate holdings.
- Financial Assets: Bank accounts, investments, stocks, and bonds.
- Business Interests: Shares in a company or ownership of a business.
- Superannuation: Retirement funds and entitlements.
- Personal Belongings: Furniture, jewelry, artwork, and other personal items.
- Vehicles: Cars, motorcycles, boats, and other vehicles.
- Debts: Personal debts and liabilities are also considered during property settlements.
As you can see, property can be vast and extensive, so if you’re unsure, it’s best to seek legal clarification.
Why Do You Need to Know What Property Is?
Understanding what constitutes property is crucial for the division of assets in the event of a relationship breakdown. Accurate identification and valuation of property ensures a fair distribution between the parties. Knowing what is considered property helps protect your financial interests and contributes to a more transparent and equitable settlement process.
How Can You Protect Your Property?
Protecting your property in a relationship and during a separation involves several steps:
- Prenuptial and Binding Financial Agreements: These legal tools can outline the division of property in the event of a separation.
- Accurate Record-Keeping: Maintain thorough records of all assets, financial resources, and contributions.
- Legal Advice: Seek independent legal advice to understand your rights and obligations.
- Regular Reviews: Periodically review and update your financial agreements to reflect any changes in circumstances.
It’s also important to remember that you can protect your property or be eligible for a property settlement whether you’re married or in a de facto relationship.
How We Can Help
At Clarity Lawyers, we understand the complexities involved in property settlements and asset division. Our experienced property settlement lawyers are dedicated to assisting you through every step of the process.
We can help you identify and value your property and financial resources, ensuring all assets are accounted for and fairly assessed. We also specialise in negotiating fair property settlement agreements that protect your interests.
Our family lawyers provide independent legal advice tailored to your specific circumstances, helping you make informed decisions about your property and financial future. Throughout the property settlement process, we are committed to protecting your rights and achieving the best possible outcome for you.
If you are facing a relationship breakdown and need assistance with property settlements, contact Clarity Lawyers today. Our approachable and supportive team is here to help you navigate your property settlement with confidence.
Whether you’re considering separation or you’re already working on a property settlement, our family law team can help you. Call us on (02) 4023 5553 or book a consultation online here.
