Property Settlement After Divorce
When you separate, you’ll want to know how much you’ll receive from your divorce property settlement.
Under the Family Law Act 1975, Courts can change property ownership if they think it’s fair.
In making such decisions, Courts must weigh various factors, including each party’s contributions to the property and their future needs.
How Long Does a Divorce Settlement Take?
The timeframe for finalising a divorce settlement in Australia depends on factors like the complexity of assets, the level of agreement between parties, and whether court proceedings are required. An amicable settlement may take a few months, while disputes requiring court intervention can extend the process to 12–24 months or more.
Married couples must apply for property settlements within 12 months of divorce finalisation, and de facto couples within two years of separation. Early legal advice and mediation can help resolve matters more efficiently.
Contribution Types:
The Courts are required to look at the financial and non-financial contributions made by each party to the property.
- Financial contributions: Checking the financial contributions that each party has made can be tedious and time-consuming, however, if there is a clean money trail, it is easy to calculate the dollar value of the contributions.
- Non-financial contributions: With non-financial contributions, there are many difficulties involved in placing a monetary value on the contributions made.
In valuing a non-financial contribution, the court will place the cost of the work as if another person had done it.
For example, if you fixed the fence of the matrimonial home, then you should get a quote to estimate how much money was saved, and also how much the new fence increased the value of the property.
