A property settlement happens when the assets a couple owns (“property”) are divided by the Court.
Time Limit for De Facto (unmarried) Couples
You must apply to the Family Court about property and maintenance less than two years after your relationship ends.
Time Limit for Married Couples
You must apply to the Family Court about property and maintenance less than one year after your divorce becomes final.
How Does the Court Divide Property?
The Family Court will look at:
What assets, cash, etc. you brought into the relationship
How long the relationship lasted
How much you took care of the property
How much you took care of the family
How much money you earned
How much money you will need in the future
How much you might need to support the children of the relationship if they live mostly with you
What If I Already Agree With My Ex-Partner?
If you and your ex-partner already agree on how to divide your property, it’s a good idea to have a Court approve the agreement. This can be done by asking the Court to make consent orders.
For more details, see Property Division – More Info.
Disclaimer: This information is a general guide to the law. It should not be relied on as legal advice. If you have a specific legal problem you should consult a lawyer.
It applies to people who live in, or are affected by, the law as it applies in NSW, Australia. The information contained in this publication is current at 1 January 2014.