Dividing Property and Finances After Separation
How can we sort out how to divide our assets and debts?
Some ways that property can be divided include:
I’m in a de facto relationship – can I apply to the Family Law Courts for orders regarding property?
Yes. Both the Family Court and Federal Circuit Court can make orders in relation to financial matters after the break down of a de facto relationship.
Will my superannuation be included in property orders?
Yes. Superannuation is treated by the law as a different type of property. Courts are therefore able to make orders that provide for a split of superannuation benefits.
How does the Court work out who gets what?
Determining who gets what is not a precise mathematical exercise. The Court decides what is just and equitable based on the unique facts of your case.
However, there are some general principles that the Courts apply when determining a just and equitable division of property between parties which are:
Are there time limits for making an application to the Court?
Limitation periods apply to both marriages and de facto relationships.
If you were married, you must make an application for division of property within 12 months of your Divorce Order being made.
If you were in a de facto relationship, you must make an application for division of property within 2 years of the breakdown of your relationship.
If you do not make an application with the above timeframes, you will need to seek the Court’s permission to make the application and the Court does not
always grant this.