Financial Aspects
Asset Division: Understanding the Law
In the Australian legal system, a property settlement is an agreement about dividing any assets and debts held by each spouse individually or jointly during their marriage. Liabilities accrued throughout the union are considered shared responsibility among both partners when considering how to split things in this manner.
Time Limits for Property Orders
Property orders must be submitted within twelve months following the divorce order. De facto partners have two years after separation to finalise property matters. If this deadline is not met, it’s essential to immediately seek legal guidance for exploring potential options after the expiration date.
