Property settlement

What is Property Settlement?

Property settlement involves the division of assets and debts after separation. Whether you are married or in a de facto relationship, the court will consider various factors to determine how property is divided.

Key Factors in Property Settlement

1. Contributions: Both financial and non-financial contributions made by each party, including homemaking, childcare, and financial support.
2. Future Needs: The future needs of each party, including the care of children, health considerations, income, and age.

Time Limits for Property Settlement

• Married Couples: Property settlement must be filed within 12 months after the divorce is finalized.
• De Facto Couples: Property settlement must be filed within 2 years of separation.

Methods of Settling Property Disputes

Property disputes can be resolved in several ways:

• Informal Agreement: Couples may agree on a settlement without court intervention.
• Consent Orders: These are formalized agreements that are legally binding.
• Court Orders: If an agreement cannot be reached, the court will decide the division of assets.

Our Role in Property Settlement