Once you have separated from your ex-partner or spouse it is a good idea to finalise how the property and superannuation acquired throughout your relationship should be divided.
It is important to note that you only have 12 months from the date your divorce is granted to finalise your property settlement and maintenance claim and 24 months from the date you separate if you are in a de facto relationship. If you do not finalise your property within this timeframe you could be barred at a later date from applying to the court to determine your property settlement.
Under the Family Law Act, the court has the ability to take into account any property that you have acquired from the date you separate until the date you finalise your property settlement. This means that even if you obtain an inheritance or win the lottery after you have been divorced or separated your ex-partner or spouse can claim an entitlement to these funds if you did not settle your property.
Property settlement is a complex process that often requires expert skills to ensure that your rights and property entitlements are protected so that you can be sure that you are receiving the funds you are entitled to so that you can start your new life in a financially sound position. Our Family Lawyers have experience in complex property settlements and will work tirelessly to ensure that your rights and property are conserved and protected.
Generally, a property settlement takes the following three things into consideration:
After the above factors are considered, the Court has a wide discretion to make the order if considers to be just and equitable in your circumstances. Due to the wide discretion that the court retains in property settlement matters, it is often better (and cheaper) to come to an agreement with your ex-partner regarding your property settlement and enter into a financial agreement or application for consent orders.
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