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Property and assets
You can apply for a property settlement any time after you separate. Property agreements
can include houses, land, cash, goodwill in a business, superannuation, shares,
cars, furniture and other household items such as jewellery. Different laws are
applied for married and de facto (including same sex) couples. Informal agreements
that are not documented with a binding financial agreement or consent order mean
that your property matters are not final.
Make sure you seek legal advice before you sign any papers that relate to your assets.
Capital gains tax (CGT) applies on the transfer of some assets, but you may not have to pay it if you meet certain conditions. The CGT consequences may even affect decisions about who gets what. Therefore, you may want to get professional advice about the potential tax consequences before dividing up any assets.
There is information on the Tax Office’s website. For other assets, search under ‘marriage breakdown’.
