There is no ‘waiting time’ for commencing proceedings for property settlement or for entering into an agreement dividing the property between partners. Accordingly, a couple does not have to be divorced or even separated before resolving their property disputes. If you are divorced, there is a time limit of 1 year after the divorce order takes effect. In de facto property relationship matters, the time limitation is 2 years after separation.
As well as contributions, the court looks at a whole range of factors that focus on the parties’ present and future needs.
Division of Property
The Court follows a four-step process in resolving property disputes. Firstly, the Court identifies and values the net property (including superannuation) of the parties (in other words, all property of the parties after debts have been taken into account). Next the Court considers the contributions that each party has made to that property. Thirdly, the Court examines the parties’ present and future needs and finally the Court will make an order that is just and equitable in all the circumstances.