Understanding the 4-Step Property Law Process
1. Identify and Value the Property Pool
List all assets, liabilities, and financial resources of both parties. This includes real estate, bank accounts, superannuation, investments, vehicles, personal belongings, and debts.
2. Assess Contributions
Financial Contributions: Assess each party's direct and indirect financial contributions, such as income, savings, and investments.
Non-Financial Contributions: Consider non-financial contributions, including homemaking, child-rearing, and property maintenance.
Initial Contributions: Account for assets and resources brought into the relationship by each party.
3. Consider Future Needs
Consideration is given to each person’s future needs and what allowance should be made to take into consideration the person’s future financial position. Consideration is given to age, future earning capacity, care of the children and health needs, amongst other factors.
4. Make a Just and Equitable Division
Weigh the contributions and future needs to determine a fair division of the property pool.
How do I Formalise a Property Division?
Consent Orders
Consent Orders are legally binding agreements approved by the court. They outline the division of property, finances, and sometimes child arrangements, agreed upon by both parties without the need for a trial.
Once approved by the court, these orders carry the same legal weight as a court ruling.
Binding Financial Agreements (BFA)
A Binding Financial Agreement is a private contract between parties that outlines how assets and finances will be divided in the event of separation.
BFAs can be made before, during, or after a relationship and do not require court approval, although they must meet strict legal requirements to be valid.
Court Orders
Court Orders
Court Orders can be made by a court to resolve disputes between parties when an agreement cannot be reached.
In family law property matters, court orders dictate how property, assets, and liabilities will be divided, ensuring a fair resolution as determined by the court.
Time Limits for Dividing Family Law Property
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For Married Couples
Divorce: You have 12 months from the date your divorce becomes final to apply for a property settlement or spousal maintenance. Divorces are usually final one month and one day after the divorce order is made by the court.
Separation without Divorce: There is no time limit if you are separated but not divorced. However, it is advisable to resolve property matters as soon as possible after separation to avoid complications.
For De Facto Couples
You have two years from the date of separation to apply for a property settlement or spousal maintenance.
Contact Us
Please get in touch either by phone, e-mail or using the enquiry link below
Seymour Office
9/78 Station Street, Seymour Victoria 3660, Australia
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Level 11, 456 Lonsdale Street, Melbourne Victoria 3000, Australia