What it means?
Property settlement
Navigating property settlement
The approach to Property Settlement
Property settlement starts with the parties exchanging financial information and documents. This is called “disclosure.”
Once you have disclosure, it is important to receive frank and practical advice from your lawyer about your legal position.
You may also need to get advice from a financial advisor or accountant about your circumstances, such as tax implications, your ability to borrow and your financial needs.
The next step is for the parties to communicate about what property arrangements they believe are appropriate.
Negotiations can occur through private discussions between the parties, exchange of letters and discussions through your lawyer or through mediation.
If agreement isn’t possible, then a Court application may be necessary.
We can support you throughout this process.
Fixed Fee Property Settlement
Are you already in agreement about the property division?
Do you and your ex-partner already agree on how to divide your property but require assistance to formalise the agreement?
We offer an affordable fixed fee solution for property consent order applications.
Frequently Asked Questions
Common questions about Property Settlement
Do I need to go to court?
Not necessarily.
If the parties agree on the property division, the agreement can be finalised by way of “consent orders” or “binding financial agreements.”
Consent orders are made by the court, but the parties do not usually need to attend.
The court is not involved in the making of a binding financial agreement, however, both parties must have independent legal advice.
If the parties do not agree, then it is necessary for the parties to go to court. The first court appearances occur by video or telephone link, but the parties are usually required to attend in person for a hearing.
Is superannuation included?
Yes, superannuation is treated as property and can be split.
A superannuation split requires writing a letter to the superannuation trustees to give them an opportunity to object to the wording of the agreement or orders.
Is there a time limit for applying for court orders for property settlement?
Yes, 12 months after a divorce order is finalised or 2 years after separation in the case of a de-facto relationship.
“Out of time” applications may be accepted by the court, depending on the circumstances of the case and whether either party is at risk of hardship if the application is not allowed.
