When family lawyers talk about property settlement, they do not just mean your house and other real estate you own. The term property settlement (also can be referred to as a financial settlement) includes dealing with everything you own and owe.
When asked about what property you and your former partner own by a family lawyer, what you are being asked about is what of the following you may own:
- Real estate;
- Cash in the bank or any safe etc;
- Vehicles – cars, bikes, caravans, boats;
- Businesses including any interest in companies, partnerships, trusts;
- Any interest in any Trusts;
- Monies owed to you;
- Any item you have given away to avoid being included in the property settlement;
- Any other item you own.
This would include any monies or items received by way of a win in a lottery, inheritance, gift, redundancy payments or compensation payments. You can expect your family lawyer to ask you about how and when you and your former partner accumulated the above property to assist in advising you about a fair property settlement.