Navigating the early stages of your separation can be an overwhelming process.
Aside from parenting arrangements, one of the major points to consider following a relationship breakdown is the splitting of assets. It is important to note that obtaining a divorce is not required in order to secure a financial settlement and that a financial settlement can occur at any point during the separation process, whether you were married or in a de facto relationship.
The property considered as a part of your asset pool includes cash, superannuation, vehicles, personal effects, and your house. Obtaining records such as your payslips, bank account statements, superannuation statements and other documents that confirm your financial position will assist in identifying your asset pool in the early stages of the separation process.
We suggest that you consider your financial settlement as soon as possible, as limitation periods apply with respect to making your application to the court. There is a limit of 12 months from the finalisation of your divorce for married couples, or 2 years from the date of separation for de facto couples.
Reaching an agreement with your former partner with respect to property, without going to court offers many advantages, such as reducing the financial and emotional costs of legal proceedings. It is possible to agree with your former partner on how your property should be divided without going to court, through either a financial agreement or an agreement formalised by consent orders.
For further information on financial settlements, please refer to the Family Court of Australia website or contact our office.