Property Settlement

Splitting up assets

When a relationship ends there is often still a lot of inter-mingling of finances.  Unravelling these joint finances and assets can be difficult, but is often simplest if dealt with soon after separation.  It is important to get legal advice prior to disposing of or transferring any property after separation, as this can often have unforseen long-term consequences.

Whose name is it in?

It is also important to note that it makes no difference whose name an asset is in. It will generally be considered by the Family Court as an asset of the relationship.  There is no set formula for who is to receive which asset, or how much of the property.  The Family Court assesses each property settlement on its individual circumstances, which is why it is so important to receive good legal advice before entering into any agreements or making any significant decisions.

Our experience

We have a broad range of experience in property settlement including where businesses and multiple properties are involved.

Time limits apply

There are time limits for applying to the Court for property orders.

Married:

You have 12 months from the date of your divorce to seek property orders.

De Facto:

In the case of de facto relationships you have 2 years from the date of separation to seek property orders.

A defacto can also sometimes bring a claim even where the couple have not lived together for two years, especially where:

• They can show they have made substantial financial or personal contributions and they will not be compensated adequately unless they are allowed to bring their claim;

• (for a close personal relationship) they care for their partner’s child and they would suffer an injustice if they are not allowed to bring their claim;

• They have a child from the defacto relationship.

In some limited circumstances the Court may grant an extension of time however this will not occur in all cases.  Therefore it is extremely important to act well before the time limit is due to expire.