After a separation, many wonder how long they have to claim property.
The answer is bound by legal time frames in the Family Law Act 1975. Married couples must apply for a property settlement within 12 months of a divorce finalisation. For de facto couples, there are two years from the date of separation to initiate property settlement proceedings.
These critical windows allow for the legal division of assets and liabilities, ensuring that both parties have the opportunity to claim their fair share.
Property settlement involves identifying and valuing all assets and liabilities, assessing contributions from both parties and considering the future needs of each individual.
It’s not a matter of fault or blame; the law aims to distribute assets fairly, regardless of the reasons behind the relationship breakdown.
The division of properties isn’t automatic and requires careful legal consideration, often necessitating the expertise of a property settlement lawyer to navigate the intricacies of superannuation laws and ensure a just division.
To avoid future disputes, it’s crucial to formalise property settlement agreements. This can be achieved through Binding Financial Agreements or Consent Orders.
These legal documents ensure that the agreement is recognised by the court and enforceable, providing both parties with security and clarity moving forward.
Also read: Property Settlement Family Law Act
The Importance of Legal Advice in Property Claims
Given the complexities of property settlements, seeking advice from a family lawyer is invaluable.
Lawyers can guide you through the legal process, help negotiate fair agreements, and provide representation if the matter proceeds to court.
The support of legal professionals in navigating your property settlement can assist you in rebuilding your life post-separation.
Also read: Out-of-Time Property Settlement
How We Can Help
Recently, a client approached our property settlement lawyers seeking clarity on the property claim process post-separation.
As a mother from a de facto relationship, she was particularly concerned about the timeframe for making a claim.
We guided her through the complexities of Australian family law, explaining that she had two years from the date of separation to initiate proceedings.
Our team provided comprehensive support, assisting with the valuation of assets, negotiating terms, and preparing the necessary legal documentation.
Obtain Legal Advice
The significance of obtaining legal advice for property settlement post-separation cannot be overstated.
Navigating the legalities within the critical time frames—12 months following a divorce or two years after a de facto separation—is paramount.
Professional legal guidance ensures you understand your rights and obligations, helping secure an equitable property division.
With expert advice, you can confidently make informed decisions, ensuring the settlement is fair and facilitating a positive step towards future stability for all involved.
Director of Melbourne Family Lawyers, Hayder manages the practice and oversees the running of all of the files in the practice. Hayder has an astute eye for case strategy and running particularly complex matters in the family law system.
