What is a property settlement?
When a couple separates or divorces, their assets and liabilities must be divided. This is referred to as a property settlement. You and your former spouse can reach an agreement on arrangements for how the property should be divided, without the involvement of the Court, and this agreement can be formalised. It is a good idea to try and reach an agreement on the division of property without the involvement of the Court.
However, it is not always possible to reach a property settlement agreement outside the Court. If an agreement between you and your former spouse cannot be reached, it is possible to apply to the Court for financial orders to be made.
Is there a time limit for property settlement matters?
In regards to property settlement matters, there is a time limit in which you must make an application for the division of matrimonial property or de facto relationship property. The time limit for a property settlement is different for divorces and de-facto separations. If you were married, then the property settlement time limit is twelve months after the divorce has come into effect. If you were in a de facto relationship, it is two years after the date of separation. Any application for a property settlement needs to be made to the Court within that time limit.
What happens if the property settlement time limit has been surpassed?
If you have surpassed the time limits and wish to apply for a property adjustment, you will need special permission from the Court. Special permission from the Court is granted only in special circumstances. Suppose you have not formalised a property settlement within the time limit. In that case, it is best to seek legal advice, as special permission or seeking leave from the Court to file an Application for property division is not always granted in every case.
If you are looking for an experienced family lawyer to assist you with your property settlement, call Grace Family + Collaborative Law today on 1300 414 855.