A property settlement is the legal process of dividing assets, liabilities, and financial resources between separating or divorcing parties. In Australia, the Family Law Act 1975 provides the framework for how these settlements should be handled, ensuring a fair and equitable distribution.

The court considers:

• The assets and liabilities of both parties.
• Direct financial contributions, such as income and property.
• Indirect financial contributions, like gifts and inheritances.
• Non-financial contributions, including homemaking and child-rearing.
• Future needs, considering age, health, income capacity, and care of children.

Yes, time limits apply:

• For married couples: Applications must be made within 12 months of the divorce becoming final.
• For de facto couples: Applications must be made within 2 years of separation.

Extensions may be granted in certain circumstances, but it's advisable to act promptly.

Yes, parties can agree on property division without court intervention. Options include:

• Consent Orders: A written agreement approved by the court, making it legally binding.
• Binding Financial Agreements (BFAs): A contract outlining the division of assets and financial resources.

Both methods require legal advice to ensure validity and enforceability.

A Binding Financial Agreement (BFA) is a legally binding contract between parties that outlines the division of assets, liabilities, and financial resources in the event of a relationship breakdown. BFAs can be made before, during, or after a relationship and require both parties to obtain independent legal advice.

Superannuation is considered a significant asset and can be divided between parties through a process called superannuation splitting. The court can make orders to split superannuation entitlements, ensuring a fair distribution. However, superannuation remains subject to preservation rules and cannot be accessed until retirement.

If parties cannot reach an agreement, they may apply to the Federal Circuit and Family Court of Australia for a determination. The court will assess the case based on the principles outlined in the Family Law Act 1975 and make orders it deems just and equitable.

Inheritances received during the relationship are generally considered part of the asset pool. The court will assess factors such as:

• The timing of the inheritance.
• The use of the inherited assets during the relationship.
• The contributions of both parties to the inheritance.

These factors influence how the inheritance is treated in the settlement.

Once a property settlement is finalized through a court order or a Binding Financial Agreement, it is generally final and binding. However, in exceptional circumstances, such as fraud, duress, or significant non-disclosure, the court may set aside or vary the agreement.

While it's possible to reach an agreement without legal representation, obtaining independent legal advice is highly recommended. A lawyer can:

• Ensure your rights are protected.
• Assist in drafting legally binding agreements.
• Provide guidance on the legal implications of the settlement.

This helps prevent future disputes and ensures compliance with legal requirements.