What role does the court play in property settlements?
The Family Court has the power to make orders for property settlement. All of the assets of the parties, whether the assets are in joint names or not, are taken into account. Each party has an obligation to fully disclose his or her financial position to the Court and the other party.
The Court is obliged to make orders which are "just and equitable" having regard to:
- the financial contributions of each of the parties;
- the non-financial contributions of each of the parties, particularly in the role of homemaker and parent;
- the future financial position of the parties, including the need to provide for children and the capacity of the parties to provide for those needs.
When can I apply for a Property Settlement?
Applications for Property Settlement can be commenced at any time up until 12 months after a divorce becomes final. Different limitation periods can apply for de facto couples.
We aim to provide client’s with realistic advice as to there prospects in the event of litigation being required.