The Federal Circuit and Family Court of Australia (FCFCOA) consider all assets owned by either party, regardless of:
- When they were acquired (before or during the relationship)
- How they are held (jointly or separately)
- Who contributed to their acquisition
Joint assets typically include:
- The family home
- Joint bank accounts
- Shared investments
- Joint business interests
- Jointly owned vehicles
Separate assets may include:
- Property owned before the relationship
- Inheritances
- Gifts from family members
- Personal injury compensation
- Individual bank accounts
Treatment of Assets in Property Settlement
- All assets, whether joint or separate, form part of the total asset pool
- The timing of asset acquisition may be relevant to the division e.g. if acquired by one party long before the relationship or after separation
- The general principle is that the longer the relationship, the less relevant the initial source of assets becomes
The FCFCOA considers several factors when dividing assets:
- Financial contributions of each party
- Non-financial contributions and homemaking and parenting
- Future needs of both parties
- Length of the relationship
- Age and health of both parties
- Care of any children of the relationship post-separation
Common Misconceptions
- Keeping assets in separate names doesn’t automatically protect them or exclude them from the property pool
- All assets are considered, regardless of ownership structure
- The FCFCOA has broad discretion to achieve a fair outcome
Understanding how joint and separate assets are treated is essential for proper financial planning and achieving fair outcomes in property settlements. Call us today on 4627 3333 to speak with our experienced family law team.
This article was published on 10/10/25 and the information is valid as at the date of publishing. This article is general in nature and is not and should not be considered or relied on as legal advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.