What it means
The asset pool is the net property available for division in a family law property settlement. It includes assets such as the family home, savings, vehicles, businesses, investments and superannuation, minus liabilities like mortgages and debts. Both individually and jointly held property is generally included. Identifying and valuing the asset pool is the first step in the property settlement process under the Family Law Act 1975 (Cth). Full and frank financial disclosure is essential, because an inaccurate or incomplete pool can lead to an unfair result or orders being set aside.
How it's used
Once the home, super and debts were valued, their net asset pool came to around $900,000 for division.