Property Settlement

Separation often brings uncertainty about finances and possessions. At Bloom Law, we can help.

Property settlement is the process of dividing everything you and your former partner own and owe (whether that be in your sole names or jointly). This includes:

• Homes and investment properties.
• Cars, shares, savings, and other assets.
• Corporate entities such as companies, trusts and businesses.
• Superannuation.
• Debts such as mortgages, credit cards, and loans.

The law uses a four-step process to work out a just and equitable division:

1. Identify and value the property pool (all assets, liabilities, and superannuation). This step is aided by the exchange of information and documents between the parties in satisfaction of the disclosure obligations imposed by law.
2. Assess each person’s contributions, both financial (income, property brought into the relationship) and non-financial (homemaking, parenting).
3. Consider each person’s future needs, such as age, health, income-earning ability, and care of children.
4. Make an outcome that is just and equitable (a practical consideration of how the above assessments impact each party, the assets and liabilities they will each retain, and if any factors have been overlooked which would make a proposed outcome unjust or inequitable).

There are specific considerations for situations where domestic and family violence exists, and for families seeking particular arrangements for their pets.

Most importantly, there is a time limitation which is relevant to family law property settlement matters, as follows:

• For couples who were married, the time limitation is 12 months from the date of your divorce becoming effective.
• For couples who were in a de facto relationship, the time limitation is 2 years form the date of your separation

Property settlement matters must be resolved by way of an Application for Consent Order filed with the Court, or a Binding Financial Agreement fully executed, or an Initiating Application filed with the Court to agitate a Court decision, prior to the relevant time limitation outlined above.

If this date passes, you may be prohibited from seeking relief for your family law property settlement matters.

You are encouraged to seek legal advice if you have a family law property settlement matter or you think your time limitation pay have passed.

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