Property Settlement

Property Settlements – The Basics

During your relationship, you acquire assets such as your family home, investment properties, cars, bank accounts and superannuation. Once you separate, you need to come to an agreement as to how the assets and debts are to be divided fairly. This is all covered in your property settlement.

 

‘Property’ has a fairly broad definition under family law. It includes more than just your bank account and your house, it also includes any investments, shares, your business, or any superannuation that is held by you.

 

Anything you owe money on, or any debts you may have, must also be handled by a property settlement. This could include any debts you have with your bank, mortgage debts, credit card debts or any finance you have on a car.

 

All assets and debts owned by you and your former partner need to be discussed and dealt with if you are to have a successful property settlement. Failing to mention certain assets by either partner may result in the property settlement being thrown away by the courts meaning that you’ve just wasted a lot of time and effort for nothing.

 

The Federal Circuit Court is the appropriate venue to file any proceedings in relation to property settlements. There is no matter to large or too small for the court to hear.

 

You must ensure that you follow the strict time limits if you want to file an application for property settlement.

 

If you are married, you have 12 months after a divorce order has been issued.

 

If you are in a de facto relationship, then you must make an application within 2 years of the end of the relationship.

 

If you have not filed within these times, the court may grant you permission to apply out of time. You should speak to a lawyer about this because this requires a case by case analysis.

Click on the links below to find out further information about what your legal options are and what you need to consider when you get a property settlement.

 

Remember if you have a question about a particular issue, you can contact our solicitors for advice by phone or make a website enquiry directly to our office.

Divorce
How To Get A Divorce?
Application for Divorce
How much does a divorce cost?
How Long Will It Take For My Divorce To Be Finalised?
Do I Have To Attend Court To Get A Divorce?
What is a Divorce Hearing?
How to get a divorce in Australia if married overseas?
Divorce Counselling
Should I Change my Will After a Divorce?
Child Custody
What are the best interests of the child?
Where Will My Children Live?
What is equal shared parental responsibility in Australia?
Sole Parental Responsibility
Visitation Rights
Changing A Child Custody Agreement
Child Relocation After Divorce
How To Prevent My Child Going Overseas?
What is Supervised Contact?
Child Passport After Divorce
Property Settlement
How Much Will I get?
Will I Receive 50% of Everything?
Coming To An Agreement Outside Of Court
Do I Pay Stamp Duty To Transfer My Property After A Divorce?
Financial Agreements
What is a Prenup?
What Can I Put In A Prenup?
Is It Too Late For A Prenup?
What Are The Pros and Cons of Financial Agreements?
What Financial Agreements Are There?
How Do I Make Sure My Agreement Is Binding?
How Can I Get A Prenup Set Aside?
Consent Orders
Why do I need Family Court Consent Orders?
Application for Consent Orders
Breach of Consent Orders
Child Support
What is Child Support?
Apply for Child Support
Child Support Calculation
Changing Child Support
Family Mediation
5 Tips to Help Prepare for Family Mediation
What is a s60i Certificate?
Going to Court
Starting An Application
Filing A Response
Separation
Can You Be Separated And Live In The Same House?
Domestic Violence
ADVO – Apprehended Domestic Violence Order
Remove My ADVO
What Is Child Abuse?
Father's Rights After Separation
Formalise Your Agreement
Tip's For Fathers
De Facto Relationships
Definition of De Facto Relationship
Rights in a de facto relationship