What is a Property Settlement?

Going through a divorce or separation typically involves a property settlement.

A property settlement made by consent in Family Law is the legal division of assets between two parties and is usually formalised by either a Consent Order or a Binding Financial Agreement.

In determining what is just and equitable in a settlement, the court will consider whether the proposed orders to be made by the court provide for a just and equitable division of the net matrimonial assets of the parties.

WE CAN HELP – Need legal advice for a family law matter? Contact us online or call 1300 246 529 now for assistance.

How do property settlements work in Australia?

In Australia, there are no presumption of equality in a property settlement. Each case is assessed on its own unique circumstances.

Once the Court determines how much of the net asset pool each party should receive, it also considers how that each party is to receive their share (which spouse is keeping which items of property, or classes of property – the family home, a business, superannuation), and how any tax or other consequences of transferring those items of property are to be taken into account.

Property Settlements are time sensitive

There are strict time limits which apply to property settlements. The time to make an application to the court expires, for married couples, 12 months after a Divorce Order is made.

For a de facto relationship, an application must be filed within two years after the relationship has ended.

Financial Agreements

Financial Agreements can be entered under the provisions of the Family Law Act 1975 and is a binding legal agreement which can deal with all aspects of the division of the parties’ property, including superannuation interests, should their marriage or de facto relationship break down.

You can enter a Financial Agreement before you are married, while you are married or after you are divorced.

Consent Orders

A Consent Order is an Order made with the consent of all parties involved and is considered and (if just and equitable) approved by the Court. The parties may not need to attend court if they file an application for a Consent Order. To be approved, the court must be satisfied that the orders are just and equitable in the circumstances of the case.

Both Consent Orders and Financial Agreements that meet the requirements of the Family Law Act are binding on all parties. However, it is arguably easier to enforce Consent Orders than it is a Financial Agreement, so this must be taken into account when deciding which document to have prepared.

Breaching court orders can have serious consequences, so parties must ensure they can comply with the terms of their Financial Agreement or Consent Order before signing either, to avoid enforcement action, which can be very expensive.

Every case is unique and it’s always best to discuss with your lawyer what is right for you.

Your Specialist Family Law Firm In Brisbane

Critical to every property settlement is getting the right advice so you can make informed decisions, suited to your situation. The law encourages parties to sensibly discuss and negotiate a division of property wherever possible.

A property split can be documented via a Consent Order or a Binding Financial Agreement. An expert property settlement lawyer will advise you on what is best for your individual circumstances.

As a specialist family law firm in Brisbane and on the Gold Coast, BGM Family Lawyers can assist you with your property settlement after the breakdown of your marriage or defacto relationship.

Contact Us

If you require advice or assistance, our experienced family lawyers can advise you, help you to identify strengths and weaknesses in your case, and arm you with the right information to make informed decisions.

For expert legal advice contact us today on 1300 246 529 or send us an online enquiry.

Property Settlement FAQ

If you’ve been together for 4 years, do you automatically get half of your former partner’s wealth?

We hear questions like this quite often. But the answer ‘no’. Our law contains no such presumption that a particular relationship length gives rise to a defined entitlement. Instead, outcomes are determined by a process of reasoning which considers contributions across the length of the relationship, and circumstances at its end. Those factors will be unique in each case, such that there is no ‘one size fits all’ outcome. A result which achieves just and equity in one case, will not be an appropriate outcome in the next.

We Can Help

Almost every case has some unique element requiring some consideration. We’ve seen lots of situations, and will be able to draw on our experience to empower you.