Why You Should Know Your Property Settlement Time Limit After Separation

Following separation, many people focus on immediate concerns such as parenting arrangements and getting back on their feet, and property settlement is often pushed further down the list. However, postponing the resolution of financial matters can create unnecessary financial and legal risks.

Asset values, including property prices, superannuation balances and investments, can fluctuate significantly over time. Delaying settlement can therefore make negotiations more complex and increase the likelihood of disputes.

It is also common for financial circumstances to change after separation. One party may purchase assets, incur debts, receive an inheritance, or commence a new relationship. These changes can complicate the property settlement process and make it more difficult to achieve a timely resolution.

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Importantly, a strict property settlement time limit applies. Married couples generally have 1 year (12 months) from the date their divorce becomes final to commence property settlement proceedings, while de facto couples generally have two years from the date of separation. Missing this deadline can make pursuing a claim more difficult and costly.

Finalising property matters as soon as practicable provides certainty, allows each party to move forward with confidence & reduces the risk of future disputes.

Did You Know?

An informal agreement with your former partner may not prevent future property claims. To achieve finality, property settlements generally need to be made legally binding, usually by way of Consent Orders or a Binding Financial Agreement.

Aylward Game Solicitors assists clients in understanding their entitlements and protecting their financial position following separation. For assistance, contact Emma Macdonald or Ian Field for family law advice.