New South Wales
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What 's a property settlement?
If you are married to someone and you separate or divorce, you will want to divvy up the property at some stage. Lawyers call this a property settlement.
You can do it by agreement or by going to court.
This is not a straightforward question. Property includes many different types of assets, eg:
Note. From December 2002 superannuation interests are treated as property which can be dealt with as part of the property settlement process.
Thinking about a property settlement
Start thinking about it as soon as you separate. You can apply to a court before your divorce or after, but don’t wait for more than twelve months after the "decree absolute" - this is the order that permanently ends the marriage. If you do, the court may tell you that you are out of time.
What factors are considered
There are two main issues:
The children's welfare is one of the most important considerations. The court will want to see that the person, who has the children living with them has their needs met.
What law applies
The Family Law Act covers all areas of property division.
There are number of way that you can divide property after separation. You can:
Do I need a lawyer?
It depends on the assets that you own, but usually it is well worth employing a lawyer to make sure you get what you are entitled to. Property settlements are often tricky, and it can also be very difficult to change the situation after a bad settlement.
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