Author: Carol Pages, Pages Family Law.

In family law financial or property matters, the first step is to list out all of the assets of both partners, and have a value for each of these.

The assets available for division in family law include everything that you own, everything that your partner owns, and everything you jointly own.  It also includes property you owned before the relationship and even property acquired after your separation.

Starting on your assets list is a helpful first step in your property matter, whether you are working your settlement out between you, going to a mediator or seeing a lawyer for some initial advice.  Having this part done will save you some time and costs.

Below we have used the categories of common assets, to help get you started:

Real estate

Often an initial value of your home can be found on the internet, or a local agent may be able to provide you with a kerbside appraisal.  If one party wants to keep the property as part of the settlement, a sworn valuation from a specialist valuer can be done to give both parties certainty about the market value of the home.

Company and business valuations

In some matters, an estimated valuation from the accountant is suitable, for example if there is a generally accepted multiple that can be used to avoid the costs of a full business valuation.  In other matters, a formal valuation is recommended, and it is advisable to have the agreement of the other side to the appointed valuer prior to obtaining the valuation (to save a disagreement and incurring further costs of doing it again).  For a very small business it may be worth considering the commercial cost/benefit of a valuation. 

Cars

For most cars, Redbook valuations, available free online are used and accepted in family law.  For custom made, vintage or valuable vehicles, valuations can be done by a specialist valuer.

Other assets

Other assets to include are bank accounts and all other assets of value held by either or both of you.  Superannuation is included, with further details specific to superannuation coming in a later article.  Unique assets can be valued by valuers who are experts in their very specialist fields.

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The content of this article is provided for information purposes only and does not constitute legal advice. We recommend that you seek legal advice relevant to your own circumstances and we would be happy to assist you.

Carol Pages is the Principal of Pages Family Law and an Accredited Specialist in Family Law and a Nationally Accredited Mediator. If you would like advice about your own separation, please contact Pages Family Law at info@pagesfamilylaw.com.au or on 03 9121 8077.