what is property

Property includes everything that is capable of being owned. However, defining property is not as simple to do as it may seem. Property is basically different types of assets.

The following is a list of what is defined as an asset

• House
• Land
• Intellectual Property with market value (such as a patent, trademark, copyright)
• Cars and motor vehicles of any description
• Furniture
• Bank accounts
• Shares
• Debentures (a certificate that acknowledges debt)
• Paintings and other works of art
• Jewellery
• Various collections e.g. stamp, coin
• Business equity
• Frequent flyers
• Unused annual leave
• Unused long service leave
• Superannuation (this is defined as property for family law purposes)
• Insurance
• Businesses (partnerships/companies)
• Household goods
• Tools of trade or other equipment
• And anything else that has a monetary value

The list above is not an exhaustive list but a list of examples.

Use the list above as a reference when creating your asset pool for your property settlement.

If you would like to know more or to book an appointment, please contact us at Armstrong Legal and talk to one of our specialist family law solicitors on 02 9261 4555.