Property settlement is the process undertaken by parties to a relationship which involves the dividing of assets and liabilities that accrued during a marriage or a de facto relationship.
If an agreement is reached outside of the court system by the parties then they can finalise same by way of an Application for Consent Orders or a Binding Financial Agreement.
If the parties are unable to reach an agreement outside of the court system then arrangements can be made for the parties to voluntarily partake in an informal settlement conference or mediation. If not then court proceedings may be the only other alternative.
For parties to a marriage there is one year from the time of the divorce becoming final in which to make an application to resolve all maintenance, financial and property matters.
For persons involved in a de facto relationship there is a two year limitation period for the making of such an application which applies from the date of separation.
There are however exceptional circumstances for the making of any application to resolve property or maintenance issues out of time.
In consideration of any property settlement all assets and liabilities are called into account. This includes but is not limited to any real estate, bank accounts, superannuation, shares, trusts, motor vehicles, credit cards, personal loans and the like.
Brydens Lawyers are the experts in assisting parties resolve all property, maintenance and financial issues arising from a divorce or ending of a de facto relationship. For expert legal advice with respect to any property settlement contact Brydens Lawyers today.