Dividing Assets & Property Settlement
When a lawyer refers to “property settlement” they are referring to the division of assets arising out of a relationship such as a Marriage or De facto Relationship. For marriages, this is 1 year after a Divorce Certificate has been issued by the Federal Circuit Court. For De facto Relationships, this is 2 years after the date of separation.
It is important to understand that property settlement can take place at any time from the date of separation up and until the relevant time limit has lapsed. For marriages, this is 1 year after a Divorce Certificate has been issued by the Federal Circuit Court. For De facto Relationships, this is 2 years after the date of separation.
You do not have to be divorced to do property settlement. In fact, property settlement could technically occur the day after the parties have separated.
Property settlement carries with it the fallacy that each party will automatically receive 50/50% split of the assets once married. This is not true. There is no presumption that a person is entitled to 50% of the relationship assets.
There is also a belief that if a property is in only one party’s name then the other party cannot have a claim to the property. This is also not true. A property pool will include all assets of the parties regardless of who legally owns the asset.
The Family Law Courts use a 4 step process to assess what each party would likely receive from the relationship asset pool.
Try not to compare your matter with a friend’s, as every matter is different and what may appear on the face of it to be a simple property settlement may in fact be very complicated.
We specialise in all areas of Family Law Property division matters including:
- Consent Orders
- Binding Financial Agreements
- Prenuptial Agreements
- Cohabitation Agreements
- Complex Property Matters
- Self-Managed Superannuation Funds
- Family Trusts
- Property Pools including Companies, Trusts, Self-Managed
- Enforcement Proceedings
- Spousal Maintenance
- Severing Joint Tenancy