If you’re in the early stages of separation, you probably have some questions about divorce and property settlement. First of all, divorce and property settlement are two separate legal processes.
With this in mind, we hope this blog post can help provide you with some peace of mind during such a difficult time, and also educate you as to when our expert property settlement team step in to assist you.
Divorce and Property Settlement
What is property settlement?
In a technical sense, a property settlement is the legal division of assets that results after a couple separate.
How long do I have to wait before I can discuss the division of assets with my ex-partner?
You do not have to file for divorce in order to open communication lines regarding the division of assets. Discussions can commence as soon as you and your partner have separated.
In other words, a property settlement can be formalised long before you apply for a divorce.
When can I apply for divorce?
12 months from the date of separation is the waiting period before you can legally apply for a divorce.
De facto relationships
My partner and I were in a de facto relationship, how does this impact our situation?
The Family Law Act 1975 applies to both married and de facto couples. In other words, your de facto relationship carries the same weight as a marriage, provided that you and your partner:
- Lived together for at least 2 years, or
- Had a child together, or
- Made significant financial or non-financial contributions to the relationship
Who gets what in a property settlement?
There are key steps in determining the division of property. With the assistance and guidance of independent legal representation, both parties must agree on the value of:
- Their respective assets and debts
- Individual financial or non-financial contributions to the relationship
- Future arrangements such as children and income
Upon agreement, a property settlement then becomes legally binding once the terms of settlement and Consent Orders are filed with the Family Court of Australia. Furthermore, both parties must enter into a Binding Financial Agreement.
When do Mosaic Settlements step in?
Once we receive a Consent or Court Order, our expert property settlement team can then handle separation or divorce transfers on your behalf.
As explained above, to make sure your divorce property settlement works out fairly, legal advice is required from a Family Lawyer; hence the term ‘Consent Order’ or ‘Court Order’.
Reach out for more advice
We acknowledge that the separation and divorce process is one of the hardest things you will ever go through. Not just because of the huge emotional toll, but also because of the legal and logistical issues to consider and handle.
Feel free to reach out to us for advice. We’re in your corner.
