Property Settlements & Matrimonial Transfers
Ferrall & Co.
Frequently Asked Questions
The Family Court takes a four-step approach when determining the division of matrimonial property as follows:
- Determining the net asset pool, that is the value of your assets less the value of your liabilities;
- Assessing the contributions, both financial and non-financial, that each of the parties made during the relationship;
- Assessing the future needs factors of each of the parties;
- Ensuring that the overall result is both just and equitable.
There are certain time frames that are important to remember when separating property. If you are legally married, then your time frame only starts running once you get divorced. Then, you have 12 months after the finalisation of your divorce to finalise your property settlement.
If you are a de facto couple, then you have 2 years from the date of separation to finalise your property matters. In special circumstances the Court is able to extend these time frames. However, it is best to finalise your property settlement as soon as you can.
We recommend for people to obtain independent legal advice as soon as they separate. This is due, in part, to the property value being determined on the date the matter is resolved rather than the date of separation. Many things can happen between separation and final resolution. You should always ensure that you are properly protected in the meantime.
Resolving your property settlement by consent can be both a fast and cost-effective way of finalising your financial relationship. This can also allow you to move on more quickly with your life.