The asset pool will be comprised of everything that the parties own. This includes real estate, shares, businesses, cars, boats, tools, jewellery, cash, and assets of trusts. This property will form part of the asset pool.
It does not matter whose name these assets are in. The Family Law Act looks across all legal entities and takes into account everything in which the parties have an interest. Other interests, for example where the ‘asset’ is not in either party’s name but in which each person has a beneficial interest in the asset (also known as constructive trust) may also be included. Sometimes when clients first come to see us, they are worried that the property is ‘not in their name’. However, it is not relevant whose name in which the asset is registered. All the assets are taken into account in the asset pool regardless.