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James D. Ford
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1601
Experience:  Consulting Principal at Nexus Law Group
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If assets of one party ie; vehicles which were owned before

Customer Question

if assets of one party ie; vehicles which were owned before start of relationship are considered, should monies received from previous matrimonial settlement held and used to help purchase shared home, by other party be considered an asset when property is divided
Submitted: 1 year ago.
Category: Australia Law
Expert:  James D. Ford replied 1 year ago.

Hi, I assume you are referring to a binding property settlement under the Family Law Act (Comm.) 1975.

Please read the following prescribed reading issued by the Family Court.

The short answer is that everything currently owned by both parties is included in the joint marital asset pool... even if it relates to prior to the marriage/de facto relationship. Superannuation is also included.

The fact that these assets were owned prior to the relationship is a factor that is taken into account... however the longer the relationship, the less weighting or importance is accorded to this factor by the Court.

I assume you are aware that the binding settlement can be reached inside (via Court Order or if the parties agree by consent orders) or outside of Court (via a BFA - Binding Financial Agreement... but both parties MUST have a certificate of legal advice before signing the BFA).

Kind regards,