do not have to wait for a divorce to become absolute
before you can enter into a property settlement.
However once you have been divorced you have a time
limit to commence proceedings within 12 months of
the date of the decree absolute. The Family Court
may consider an application for property settlement
out of time in special circumstances.
settlement involves more than real estate. Property
can also include items of furniture, loans by in-laws,
businesses and superannuation for example. It can
also include lottery winnings obtained after separation
but prior to the divorce or an inheritance left
to one party in a Will.
you and your partner have reached agreement then
this should be put into writing and the written
agreement approved by the Family Court as Consent
Orders. This offers you security knowing the agreement
is final. It also enables real estate to be transferred
to the other party in accordance with the Court
Order without incurring additional stamp duty.
is desirable to keep negotiations open and try to
reach an amicable agreement for the division of
property. Failing this application will be required
to be made to the Court for determination. This
can be prolonged and costly.
a fair and equitable division of property the Family
Court will consider:
the assets of the parties and values
and non-financial contributions made to the
assets and the marriage
financial position and needs of each of the
de facto couples property settlement is made in
accordance with the Property (Relationships) Act
and NSW common law.
are time limits for making a claim after the breakdown
of the relationship. Property dispute laws are different
for de facto couples. Essentially the Court will
look at the financial contributions made by the
parties during the relationship and not consider
the future needs of the parties.
contact us if we can be of assistance to you in
any property negotiations. Our legal team can offer
you helpful and experienced representation.