It is important that you receive the right advice about what division of property you should receive.
There are a number of factors that are considered when determining family law property settlement. We ensure that our clients have explored every avenue to maximise their potential property settlement and use this information when negotiating to resolve their case. Mornington Family Lawyers have extensive experience in drafting Binding Financial Agreements and Applications for Consent Orders to ensure that our client’s property settlements are formalised.
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FAQ's About Property settlements
In the Family Court of Australia, parties intending to apply for financial orders must first attend dispute resolution before filing an application. The application can then be filed any time after separation but should be filed within 12 months of a divorce.
Yes. During the period of separation, you may complete the property settlement before getting a divorce. You will need to sort out how to divide your assets and debts. This can be done via an agreement between yourself and your former spouse.
Despite popular opinion, there is no presumption that property should be divided 50/50. The Family Law Act 1975 sets out factors which must be taken into account when a judge is deciding on how property is to be divided. The Court will consider whether it is ‘just and equitable’ to make an order for an adjustment of property.
In dividing the assets of the marriage, the Court will consider:
- the respective contributions made by both parties – determining assets and liabilities;
- direct financial contributions by each party to the marriage or de facto relationship;
- indirect financial contributions by each party such as gifts and inheritances;
- non-financial contributions to the marriage or de facto relationship such as homemaking; and
- future needs – the Court will take into account further matters like age, health, financial position, care of children and ability to earn.
You may organise your family law property settlement as soon as you want after separation. A minimum period does not apply. However, due to the emotional aspect of the matter, you may choose to allow a short period of time to elapse before properly considering property division.
However, a maximum time limit does apply.
An application to the Court for property settlement must be filed within:
- 1 year of a Divorce becoming “absolute” for married couples;
- 2 years of separation for de facto couples.
These time limits apply across all States and Territories throughout Australia.
If you agree on arrangements, you can seek to formalise your arrangements by contacting our firm at Mornington Family Lawyers to draft your Consent Orders. If you cannot reach an agreement, you can engage our lawyers at Mornington Family Lawyers to apply to the Court for Financial Orders.