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How will our property be divided?
Most settlements are resolved by agreement with ‘consent orders’ being made by the Family Court, Federal Magistrates Court or the Local Court.
A property settlement can be finalised at any time after separation and before either spouse applies for divorce. However, an order for property settlement or spousal maintenance must be sought within 12 months of the divorce, or you will need the Court’s permission to apply out of time.
In deciding what is a fai division of the property, your Solicitor, and the Court will take into account:
- each spouse’s contributions to the family and to the property during cohabitation. In most cases caring for the family and home is considered to be of equivalent value to earning income;
- the present and future income, needs and responsibilities of each spouse.
All property and financial resources belonging to you and your spouse are relevant and can be dealt with by the Court, including interests in companies, family trusts and superannuation.