8 December 2017
The mere fact that you are separated or divorced does not mean that your assets and income are protected from your former spouse. A Divorce is not the same as a property settlement.
If you and your ex-spouse can agree on how to resolve your property matters, that agreement should be formally and legally documented via Consent Orders and/or a Financial Agreement. Which settlement document or combination of settlement documents is suitable to you depends on your individual circumstances. We are able to provide you with more detailed advice if you contact us for further information. If your agreement is not properly documented, your former spouse may be able to seek a further property split from you in the future. The assets you acquired after separation or divorce, including inheritances, lottery wins, redundancy payments, superannuation benefits, etc. may all potentially be splittable with your former spouse.
If you and your former spouse cannot agree on how to resolve your property matters, you can apply for a Court to make orders about how the matrimonial property pool should be divided.
It is important to note that you only have 12 months after a Divorce Order takes effect to make an application to the Court for property orders and/or spousal maintenance. After the 12 months have elapsed, you will first need to obtain the Court’s permission before you are able to obtain financial orders.
For de facto couples, you have 24 months from the date of separation to make an application to the Court for property orders and/or spousal maintenance. After the 24 months have elapsed, you will first need to obtain the Court’s permission before you are able to obtain financial orders.
Disclaimer: The information provided in our Frequently Asked Questions, Blog pages and elsewhere on our website is for general informational purposes only and should not be considered legal advice tailored to your specific circumstances. You should obtain legal advice to ascertain your rights, entitlements and obligations with regard to the specific circumstances of your case. We will be able to provide you with comprehensive legal advice with regard to your circumstances at our initial consultation. To book an initial consultation, please contact us on (03) 9803 5673.