Consent Orders $990
Financial Agreement $1,650
Pre-Action Procedures $990
Property Negotiations $1,980
Property Litigation $3,300
How does property settlement work?
After separation, it is important to reach an agreement about how to divide the assets and liabilities of the relationship.
Assets that can be divided include real property (such as the former family home), investment properties, motor vehicles, companies, businesses, shares, cash savings, trusts, inheritances, furniture, antiques, and other household items. Superannuation is also treated as an asset as part of the property settlement.
If you can agree on the terms of a property settlement, then consider formalising your agreement with Consent Orders or a Financial Agreement.
If you cannot agree on the terms of a property settlement, then your options are as follows:
(1) Enter negotiations by correspondence: get valuations, exchange documents, make offers for settlement.
(2) Attend at a mediation or other alternative dispute resolution.
(3) Start proceedings in Court.
How does the Court decide a fair property settlement?
If the Court decides your property settlement at a final hearing, then a “four step process” will be applied to determine a fair division of the assets:
(1) Identify all the assets and liabilities.
(2) Assess the parties contributions, financial and non-financial.
(3) Assess the parties' age, health, income earning capacity, financial resources and care arrangements for children.
(4) Make sure the outcome is just and equitable.
What are the time limits for property settlement?
For married couples, applications to the Court for property settlement must be made within 12 months after your Divorce Order has become final.
For de facto couples, applications to the Court for property settlement must be made within two years of date of separation.
If you wish to make an application to the Court outside of the time limits, then you must ask the Court for leave to proceed.
The Court will need to know the reasons for your delay, your case for property settlement, any significant change in circumstances that have occurred, any hardship that would result if you were denied and any prejudice to your ex-partner if leave were granted.
Generally no, you cannot. The Court requires you to make genuine efforts to resolve your case, except in the case of urgency or where family violence may make negotiations unsuitable.
The Court calls these steps Pre-Action Procedures and they include giving a Notice of your intention to go to Court. The Notice of Intent should set out out:
(1) The issues in dispute.
(2) The orders to be sought if Court proceedings are started.
(3) A genuine offer to resolve the issues has been made.
(4) Specify a time of at least 14 days for the other party to respond.
How does the Court decide a fair property settlement?
If the Court decides your property settlement at a final hearing, then a “four step process” will be applied to determine a fair division of the assets:
(1) Identify all the assets and liabilities.
(2) Assess the parties contributions, financial and non-financial.
(3) Assess the parties' age, health, income earning capacity, financial resources and care arrangements for children.
(4) Make sure the outcome is just and equitable.
Can I go directly to Court?
Sometime called Spousal Maintenance, it is financial support given to a separated person by their ex-partner after separation. It may be periodic payments, lump sum payments, or financial support in another way.
For a Court to order maintenance, it must be satisfied that:
(1) A person has the capacity to pay; and
(2) The other person's need for financial support.
The Court will assess each person's income, expenses, assets, liabilities and financial resources.
