Property settlement
What is Property Settlement?
Property settlement involves the division of assets and debts after separation. Whether you are married or in a de facto relationship, the court will consider various factors to determine how property is divided.
Key Factors in Property Settlement
- Contributions: Both financial and non-financial contributions made by each party, including homemaking, childcare, and financial support.
- Future Needs: The future needs of each party, including the care of children, health considerations, income, and age.
Time Limits for Property Settlement
- Married Couples: Property settlement must be filed within 12 months after the divorce is finalized.
- De Facto Couples: Property settlement must be filed within 2 years of separation.
Methods of Settling Property Disputes
Property disputes can be resolved in several ways:
- Informal Agreement: Couples may agree on a settlement without court intervention.
- Consent Orders: These are formalized agreements that are legally binding.
- Court Orders: If an agreement cannot be reached, the court will decide the division of assets.
Our Role in Property Settlement
At Bansal Lawyers, we guide you through the property settlement process, ensuring that your rights are protected and that the outcome is fair and reasonable.
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