A property settlement is an arrangement between the parties of a relationship about how to divide the assets, liabilities, and financial resources of the parties when a couple separates. It is an agreement that can be made with or without the involvement of court processes.
These arrangements typically involve the preparation of either a financial agreement or court consent orders to record the terms of the settlement that is reached.
Due to the often-complex nature and circumstances involved and surrounding such settlements, it is always best to seek the advice of a family law professional to negotiate and prepare your property settlement and agreements associated with it.
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FREQUENTLY ASKED QUESTIONS
It is best to finalise a property settlement within two (2) years of the date of separation. If you do not apply within these timeframes, you will need to seek permission from the Court to apply for property orders.
These two are often confused. Simply put, a divorce is the legal means to formally end a marriage and a property settlement is the process of severing the financial relationship between the parties.
Given there is a timeframe before you can file for a divorce after separation, parties often like to finalise their property and financial ties prior to formally ending the marriage through a divorce application, however, each couple and circumstance are different and every relationship is best examined on its own merits.