Property and financial settlements decide how both you and your former spouse are to divide up your property, finances and debts following separation.
Under Australian family law property includes things like your residential house, savings, investments, family businesses, trusts, entitlements such as a pension, superannuation, and other assets and liabilities of the relationship.
Following separation you do not need to wait until you are divorced to apply for a property settlement. However, following your divorce order taking effect you have 12 months to initiate a property claim if you’ve been unable to reach agreement on the division of property with your former spouse.
For de-facto couples, including those in same-sex relationships, the time limit to initiate a property claim is within 2 years of the date of separation.
Effectively there are two ways to resolve a property claim – either by voluntarily entering into a binding financial agreement with your former spouse, or by court order.
To determine which pathway is right for you contact us to book a time to discuss your unique circumstances with one of our expert family lawyers.