What to consider

Normally, at divorce or separation, how the properties are divided depends on:

• Assets and debts, and what they are worth when added together
• Direct financial contributions by each party to the relationship, such as wages
• Indirect financial contributions by each party, such as gifts or inheritances
• Non-financial contributions to the relationship, such as caring for children
• Future needs – such as age, health, financial resources, caring responsibilities and capacity to earn

Property arrangements

Going to court is costly, time consuming, and may not result in a decision that you agree with, you can avoid going to court by:

• make an informal agreement
• make a financial agreement
• get a consent order from the court
• Court order where agreement can not be made by consent

Working out property settlement 

The family law courts require people applying for property settlements to make a genuine effort to resolve their matter before filing their application

Superannuation

Superannuation is becoming a larger asset for many people. Although it may be many years before you are able to access superannuation, it is important to consider it as part of your property settlement. Different types of superannuation may be valued and split in different ways. It is important that you seek legal advice in relation to your own circumstances.

Going to court

If you can not come to the arrangements on issues relating to property or finance, going to court may be necessary. 

For property matters, parties must initiate court proceeding within 12 months from obtaining a divorce if they are unable to finalise property settlement. After this time, parties may be required to seek permission from the court to allow the court to make orders relating to their property matters.