Step 1: Determining the asset pool
In determining the most appropriate settlement as to the division of property the first step is to work out the asset pool of the parties.
Each party must make a full and frank disclosure as to the property owned by them. A Financial Statement is completed by each party.
The property may include real estate, bank accounts, motor vehicles, shares or household furniture and furnishings. Superannuation entitlements are also taken into account as property but are treated differently. Details of the superannuation funds must be ascertained. The liabilities of both parties are then considered and these may include mortgages, credit cards, debts or personal loans.
After deducting the combined liabilities from the total asset pool you will be able to calculate the net value of the asset pool.
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