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Property Settlement

When you are dividing your property with your former partner, it is important to get the right legal advice. Get the experts on your side, call the Ferguson Cannon Family Law team today on (07) 5443 6600 for a free, no obligation discussion and comprehensive, down to earth advice.

A property settlement is the division of assets and liabilities between the parties to a relationship.

When you and your spouse separate, either of you may make an Application to the Court, seeking property settlement orders.  If either yourself or with the assistance of lawyers, you are able to reach agreement with your spouse about property settlement, you are able to lodge an Application for Consent Orders with the Court seeking that they issue Orders in terms of the agreement reached. 

Our family law team is available to assist you in this extremely important area.  It is recommended that you finalise your property settlement sooner rather than later.

Time Limitation

If you and your spouse have divorced, then you only have 12 months from the date your Divorce became absolute and effective, within which to file an Application for property settlement and / or spousal maintenance in the Court.

If you do not file an Application for property settlement and / or spousal maintenance in the Court within 12 months, you must seek the leave of the Court to file the Application, which will only be granted in limited circumstances. 

If you were in a de facto relationship, then the time limit is different.  You must make your application for property settlement and / or spousal maintenance within 2 years of the date of separation. 

Process

The Court refers to a 4 step process for determining an Application for property settlement which includes:

• Identify all of the assets, liabilities and financial resources that are available to be distributed between the parties.
• Determine the value of each of the assets, liabilities and financial resources. 
• Look at the different contributions (both financial and non-financial) that the parties made to the assets, liabilities and financial resources during the relationship.
• Look at the future needs of the parties, for example, age and state of health and income and income earning capacity.
• Assessing as a final or “5^th step”, whether it is a “fair and equitable” distribution of the assets, liabilities and financial resources.

That same process applies whether you and your spouse were married, or in a de facto relationship.

There is considerable difficulty associated with assessing the distribution of property between parties as well as with effecting superannuation splits. 

Further information is set out in a fact finder in that section of our website. 

Our team at Ferguson Cannon Lawyers is experienced in this area and will be happy to assist you. Call our office today on (07) 5443 6600.