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 Westminster Lawyers who specialize in this area of law. They are located at Level 9, 552 Lonsdale Street, Melbourne, VIC 3000 or call them on (03) 9670-1734 you would like more information on this legal topic, or you wish to obtain formal advice regarding your situation.
Westminster Lawyers is a specialist family law firm practicing in Melbourne, Australia. We have eight lawyers including three lawyers accredited by the Law Institute of Victoria as specialists in family law. We are able to assist you in all areas of family law including prenuptial and precohabitation agreements, matters arising after the breakdown of a marriage or a relationship and Wills and estate planning. Our lawyers speak a number of languages including: English, French, Italian, Mandarin, Cantonese, Shangaihese, Hokkien and Japanese. We are part of a world wide network of affiliated law firms with expertise in family law. We act in a number of international family law matters and are able to offer our clients the benefit of seamless service between offices spread across Australia, North America, Europe, Asia and the Pacific.
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