What is an asset when it comes to a family law property settlement?

Family Law: 06 August 2024

Author: Dylan Burch - Our People

People are often startled to learn what assets are taken into when people have a family law property settlement. People often think that an “asset” is simply a house, money, cars, shares and superannuation.

The next question we usually get is, “The value of the asset is what we paid isn’t it”? Unfortunately, it is not that simple. The value of an asset is what someone will pay for it in its current condition at that time. This is sometimes a huge sticking point especially when it comes to assets of significant value. So, if the parties cannot agree on the value, what happens next? Well surprisingly to some people, there is nothing really that an expert cannot independently value these days. We have seen all sorts of things valued from rare artworks, coin and spoon collections to Pokémon cards. In the modern world it is amazing what someone will pay for some things.  

However, the golden rule usually is though, that it is not worth valuing something if the valuation is going to cost more than what the asset is worth. Family Law has to be about pragmatism and commonsense needs to dictate some decision making. Yes, it is probably worth getting the 1976 Ferrari properly valued but the extra set of bed sheets, probably not. It is always important people focus on resolving family law matters as quickly as possible rather than dragging matters out indefinitely. The benefit of resolution is one that is worth sometimes paying that little bit extra for and forgoing going down every rabbit hole possible.

If you are going through a divorce and want some pragmatic and sensible advice about how you can move on with your life as expeditiously as possible, please do not hesitate to contact one of the Family Law team at Aitken Partners on 8600 6000. We are always here to help you through these difficult times and give you the understanding and compassion you deserve.