Assets that are acquired during a marriage are considered as joint marital assets. Regardless of whose name that asset is held in, the law gives the court the power to adjust ownership of property to ensure that the party who is not the registered owner of that asset gets a just and equitable share of that asset.
In addition, it is not just assets that are acquired during the marriage which form part of the asset pool. Depending on the length of the relationship, assets owned before the marriage can also be treated as joint marital assets and be subject to a property adjustment in the same way. This includes the superannuation interests held in each of the party’s names.
People are often surprised to learn that assets that are acquired by one party after the date of separation can also form part of the asset pool that is to be split between the parties. Therefore, it is important for you to finalise a property settlement as quickly as possible after final separation to prevent post separation assets forming part of the pool of assets to be divided between the parties.
