Property settlement involves the parties agreeing or the court making orders that divide the parties' assets between them.
Whilst parties have to wait 12 months from the time that they separate until they can apply for their divorce, they can resolve property matters between them or make an application to the court in relation to property settlement immediately following their separation. Indeed, they can even apply before separation.
However, a divorce does have an effect on whether you can make a property settlement application to the Family Court if you have not already resolved those matters. Once a party has applied for a divorce and a decree absolute dissolving the marriage has been made, the parties only have 12 months from that time to make an application for property settlement and/or spousal maintenance.
The Family Law Act applies to the property of people who have been married. If you have never been married to the other party, then the law in relation to your property is the law of the State in which you reside or where the property is situated. In that case, you should refer to the relevant de facto information and kit.
The court is required to only make an order changing property interests if it is satisfied that in all the circumstances it is fair to do so. Section 79(4) of the Family Law Act 1975 details the matters to be taken into account by the court in considering whether any orders should be made altering property interests. Those matters are:
This Information Outline is provided courtesy of Grech Partners Solicitors & Barristers who are experienced in this area of law. They are located at Inglewood Business Centre, Norwest Business Park, Suites 41 & 42, 5 Inglewood Place, Baulkham Hills NSW 2153 or call them on (02) 9851 2500 if you would like more information on this legal topic, or you wish to obtain formal advice regarding your situation.
Over the last 31 years of practice Grech Partners Solicitors, along with their dedicated and committed support staff, have developed a holistic approach to all their clients seeking legal representation. The firm was initially established in 1971 consisting of one solicitor and a secretary. The firm has evolved to include a number of solicitors each with their own area of expertise. During their years of practice Grech Partners has represented a broad sector of the community ranging from individuals, families, multicultural groups, corporate clients to publicly listed companies as well as banking institutions with bases locally and overseas.
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