Property settlement time limits apply.
The best course of action when there are property matters to settle in a de facto relationship separation or Divorce is to seek legal advice straight away. There is a window of opportunity to make claim to your entitlements. You don’t want to miss it.
Property is all your assets and liabilities:
- Mortgages, loans, credit cards, debts you pay or receive payment for.
- Trust entitlements.
- Furniture, white goods, jewellery.
- Intellectual property.
- Lottery winnings.
- Gifts from parents and relatives.
- Employment entitlements.
If you are considering settling your property issues without legal advice remember that Court Orders and Binding Financial Agreements exist to prevent future claims.
How The Court divides property
- The total of your assets and liabilities are assessed.
- Their value is determined.
- Your contribution to the property, before, during or after the relationship will be determined.
- Importantly, the Court decides if and where there should be any adjustments in your favour, for one or both of you. Factors considered include caring for your children, your earning potential, health condition and age.
Evans & Company Family Lawyers regularly appear on matters in front of Family Law Courts in Brisbane and throughout Queensland as well as interstate.
A word of warning
If you have not fully disclosed all your assets, liabilities and financial resources to The Court, it’s unlikely you will achieve your preferred outcome.
Make a copy of all financial documentation before leaving the family home. Keep them in a safe place or with your family lawyer.
After 12 months of your Divorce being finalised, or 24 months of separation in a de facto relationship, you may not be able to apply for property adjustments. You will need to seek the permission of the Court.