When a couple separates, an agreement is signed between the parties to distribute their assets, liabilities, and financial resources. It is possible to reach a property settlement with or without the court’s help. Almost anything of value can be considered property, including jointly held or individual properties, superannuation, business and trust interests, jewellery, cars, inherited assets, money, and animals.
Property obtained before or after a relationship is included in a property settlement. A property settlement can consist of assets acquired both before and after the separation. Both joint and individual liabilities, such as debts, loans, taxes, and stamp duty requirements, will be split between the parties.
Without the court’s aid, you can resolve a property dispute with the help of several tools. To prepare the property settlement, one should obtain advice from a lawyer due to the complexity of such an arrangement. It will save time and money if one can reach an agreement without the help of the court. Additionally, one might be able to mend fences with the other person, which could aid in settling any pending problems. If a person and the spouse agree on the terms of a property settlement, they should finalise the arrangement by requesting a consent order from the court or creating a financial agreement.
A property settlement is essential to the legal process in the event of the dissolution of a marriage or de facto partnership since it ensures that the parties’ assets and debts are distributed fairly. Amid the frequently stressful process of separation or divorce, property division can be a crucial matter to consider. To get the greatest outcome for oneself and one’s children, one must thoroughly understand divorce property settlement.
Whether a person was married or in a de facto relationship, they are still eligible to ask for a property settlement. If a person was married, they could submit an application for a family law property settlement after getting divorced and up to 12 months later. You can file for a property settlement up to two years after separating if the individual were de facto married for at least two years or if the person had children with the ex-spouse.
A caveat may be put in place to stop the other party from selling the property. The caveat will be removed once a property settlement has been made, enabling you to divide the property in accordance with the settlement.
One might need to ask the court for orders about how to divide the property if the person and their partner cannot agree on one. This will require a lengthy hearing and is typically more expensive, time-consuming, and upsetting. The conclusion of a hearing so that a court can reach a decision might take months or years.