What is property?

WHAT IS PROPERTY?


Family law defines ‘property’ widely. It includes almost anything of value. Any property owned by either spouse, or jointly owned by both, may be divided in a property settlement. It does not matter when the property was purchased or if it has been inherited. Thus, ‘property’ includes assets of either or both the parties, such as real estate, shares, cars, jewellery, savings, and furniture. 

Consideration must also be given to the financial resources of the parties. These can be funds or assets over which a party has influence or control or (in certain circumstances) prospective entitlements. Finally, superannuation accrued by either party is treated as property and can be divided in a property settlement, however particular rules are applicable.

After the property has been identified, it should be valued. Sometimes values can be agreed upon and in other instances, it is necessary to employ an expert to conduct the valuation. Calley Rajah Family Lawyers has a team of experts who work closely with our lawyers on complex property matters.

In some cases, property may be hidden or not so easily identified. Our team has experience in conducting forensic investigations to trace and identify property.