Divorce and Property Settlement in Australia: Can you do one without the other?
It is a common assumption that parties have that you can not reach a financial settlement without being divorced and this is simply not true. For parties to reach a property settlement you and your spouse do no need to be divorced.
Securing a divorce and obtaining a property settlement are considered two separate matters for example, a divorce is an Order which is made by the Court which terminates a parties marriage. A divorce Order is not inclusive of Orders which are concerning to the property of the parties and does not sever the financial ties of the relationship. A divorce and property settlement in Australia is entered into independently of a Divorce Application and does not need to coincide with a divorce. If a divorce and property settlement in Australia is reached prior to the parties divorce settlement can be finalised by entering into Consent Orders.
However, it is important to understand that if you and spouse choose to apply for a divorce, and your divorce is granted, there is a time limitation of only 12 months from the date of your divorce to finalize a property settlement.
Why it’s important not to delay a property settlement?
The effects of a breakdown of a marriage are significant on the parties emotional wellbeing and it is usually in the interest of the parties for your property matters to be settled within a reasonable time after separating. Ideally, the parties should try and reach a property settlement within 12 months of separating. The longer parties delay addressing their property matter the harder it can become to reach an agreement.
To discuss the best approach to your property settlement and divorce please contact – 1800 662 535 the Brisbane family lawyer team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced and Family lawyers Brisbane.