Property matters are dealt with by the Family Law Act 1975. The legislation now applies to both de facto relationship matters and marriages in the majority of cases.

Time limits apply so it is imperative that you receive legal advice as soon as possible.

The term “property” includes all property to which parties are entitled.

Assets and liabilities include:

• Household chattels such as furniture, white goods, jewellery
•  Cash
•  Debts payable and receivable such as mortgages, loans, credit cards etc
•  Investments
•  Trust entitlements
•  Intellectual property
•  Lottery winnings
•  Gifts from parents and relatives
•  Inheritances
•  Employment entitlements
•  Superannuation

Many couples settle property matters on an informal basis. If resolved without Court Orders or a Binding Financial Agreement, there is nothing preventing a further claim in the future.

When deciding the division of assets, the Court will:-

1. Assess the “pool”. The Court will assess what are the available assets and liabilities.
2. The Court will determine the value of the pool.
3. The Court will determine what contribution each party has made to the pool, whether before, during or after the relationship.
4. The Court will determine whether there are any factors that warrant an adjustment in favour of one or both of the parties. Such factors can include who has the care of the children, a party’s earning potential, a party’s health and the age of a party.

Practical Tips

• You are required to make full disclosure of all assets, liabilities and financial resources. Failure to make adequate disclosure will result in an adverse decision by the Court.
•  Make a copy of all financial documentation prior to leaving the family home. Keep these records in a safe place. This is very important to establish initial and ongoing contributions to the assets and liabilities.
•  You must make your application for property adjustment Orders within 12 months of your Application for Divorce becoming final.
•  If your matter concerns a de facto relationship, your application for property adjustment Orders must be made within 24 months of separation.