PROPERTY SETTLEMENT - YOUR RIGHTS ON SEPARATION
- When you and your partner separate, either of you may make an Application
to the Family Court to seek Orders by way of property settlement.
- There is no compulsion on either yourself or your partner to make any Application
to the Family Court or to have any Orders made for property settlement.
- Once you have separated however, and your marriage has broken down irretrievably
it is extremely important for you and your partner to resolve issues concerning
ownership of property.
- It is recommended that you resolve your property settlement sooner rather
than later after separation. This is because the Court has the ability to
take into account assets at the current date rather than simply the assets
that existed at separation. It is recommended that property settlement be
resolved as soon as possible after separation (refer Information Sheet entitled
"Family Court Orders - Finalising and Recording Financial
Agreements").
- If you and your partner are divorced then you only have twelve (12) months
from the date that your Divorce Order is finalised to institute an Application
for property settlement and/or spousal maintenance in the Family Court or
file Consent Orders in the Family Court.
- If you do not do so within twelve (12) months, then you must seek the leave
of the Court to institute proceedings.
- It is important that upon separation and the breakdown of your marriage
that you immediately examine the terms of your Will and have a new Will prepared
to reflect your change in circumstances.
- Upon separation, it is also important to examine any Superannuation policies
that you have and in particular as to who the named beneficiary is in those
policies and whether you wish to change the beneficiary (as in many cases
this will be your spouse).
- If you own property jointly with your spouse (in Queensland) then we advise you to immediately sever the joint tenancy so that the property is held with your spouse as Tenants-in-Common rather than Joint Tenants until a final property settlement can be agreed upon. The reason for this is that if you die, then any property that you own as Joint Tenants will pass to your spouse and not through your estate (in accordance with your Will).
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Dear Joe,
I commend you on the work you are doing on my behalf. I feel confident that the results from the efforts you and your firm are putting into my case will see me fairly treated and able to move on with my life in a positive way.
Yours sincerely
Laurel
